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Private sector lender Axis Bank has raised ₹10,000 crore through a qualified institutional placement (QIP).
“Despite a challenging macro-economic environment, the placement has witnessed strong reception from the global and domestic investor community, including several large foreign portfolio investors, domestic mutual funds and insurance companies,” it said in a statement on Tuesday, adding that the deal was oversubscribed with the aggregate final transaction size being ₹10,000 crore.
The QIP issuance was done at a price of ₹420.10 per equity share, which was at a discount of 5 per cent to the floor price of ₹442.19 per share, it further said.
“We have received great response from global and local investors alike… We believe that the bank is well placed to leverage all the possible growth opportunities that will come in as the economy opens up and is in a strong position to combat the challenges that emanate from the Covid-19 pandemic crisis,” said Amitabh Chaudhry, Managing Director and CEO, Axis Bank.
The bank’s Committee of Whole-Time Directors met on August 10 and decided to close the issue and also approved and finalised the Confirmation of Allocation Note to be sent to eligible QIBs pursuant to the issue, it said in a regulatory filing.
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