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India’s third largest private sector lender, Axis Bank, launched its Rs 5,546-crore fund-raising drive on Monday through qualified institutional placement (QIP) and preferential allotment. The bank will raise Rs 5,546 crore by issuing about 39 million shares to institutional investors. This is one of the biggest share issuances in recent times.
The bank’s QIP issue size is for Rs 4,726 crore which involves a dilution of 34 million shares. It will also allot 5 million shares aggregating Rs 820 crore on preferential basis to Life Insurance Corporation of India, among other promoters.
The offer price is at Rs 1,390 per equity share. The allotment date for the QIP is February 1, and the credit date, February 4.
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