Lawstreet Journal

Axis Bank Raises Rs 10,000 Crores Through Qualified Institutions Placement

Lawstreet Journal 12 Aug 2020 8:04pm

Image courtesy: Lawstreet Journal Business Axis Bank Raises Rs 10,000 Crores Through Qualified Institutions Placement

Axis Bank, the private sector lender has raised Rs 10,000 crores through Qualified Institution Placement (QIP) and the fundraising was approved by the shareholders of the bank at the 26th General Meeting which was held on July 31, 2020. The issuance of the QIP was decided to hold a price of 420.10 per equity share which gives a complete 5 percent discount to the previous price or the floor price that was 442.19 per share. 

According to the bank, though there is a very macroeconomic environment, the QIP has many receptions from various global and domestic investors which include many foreign companies, portfolios, investors, and also domestic insurance and mutual fund companies. 

Due to the COVID- 19 pandemic the companies, investors have witnessed a doom in their economic activities not only domestically but also globally so six banks had already raised the Banking Sector’s Fundraising Spree continues with Rs 52,000 Crore equity capital and a similar amount is finalized to be raised in the course of this year.

The opening of QIP to raise the funds to enhance its capital adequacy in accordance with its regulatory requirement, its growth rates that are severely impacted by the pandemic, and to meet the condition and regulate their economic activities during the pandemic the bank has announced its decision last week. 

Amit Chaudhary, the M.d. & C.E.O. of Axis Bank, said that “We have successfully raised our QIP to Rs 10,00 Crore and we have received a great response from local and global investors alike, and I… Continue Reading...

Tagged: Axis Bank  
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