Axis Bank has decided to convert 4.53 crore warrants issued by it into equity shares for investors, including Bain Capital’s BC Asia Investments III, New World Fund, Capital Group New World Fund, and American Funds Insurance Series International Fund.
The decision was taken at a meeting of the bank’s committee of whole-time directors on Wednesday.
“Pursuant to the allotment of the said equity shares, the total issued and paid-up share capital of the bank has increased from ₹5,14,59,64,366 (2,57,29,82,183 equity shares of ₹2 each) to ₹5,23,66,79,136 (2,61,83,39,568 equity shares of ₹2 each),”Axis Bank said in a regulatory filing.
Axis Bank had, in November 2017, announced plans to raise equity and equity-linked capital of ₹11,626 crore from a set of marquee investors, including entities affiliated with Bain Capital Private Equity and Life Insurance Corporation of India, through issuance of equity shares and warrants. The issue of warrants helped it raise ₹2,563 crore.