Axis Bank raises Rs 811 cr through preference issue

PTI Updated - February 04, 2013 at 08:21 PM.

Private sector Axis Bank today said it has alloted 58.37 lakh shares on preferential basis to promoters raising Rs 811.4 crore.

The board has decided to allot 58,37,945 lakh shares of face value Rs 10 at a price of Rs 1,390 on preferential basis to promoters, including LIC and General Insurance Corporation, Axis Bank said in a BSE filing.

Of the total, about 42.40 lakh shares were alloted to Life Insurance Corporation, it said.

The remaining shares were alloted to other promoters namely General Insurance Corporation, National Insurance Company, New India Assurance Company and United India Insurance Company.

Last month, the bank raised about Rs 4,726 crore through Qualified Institutional Placement to investors which witnessed participation from pension funds, insurers and domestic mutual funds.

The capital raising has led to a redistribution of the bank’s shares with the weight of long-term institutions rising significantly, thereby bringing down the promoters’ holding to 33.5 per cent, other resident shareholders to 19.3 per cent and global institutions, including GDRs, to 47.2 per cent.

Published on February 4, 2013 14:51