Mumbai-based lender Axis Bank is set to raise Rs 11,626 crore ($1.8 billion) to further strengthen its capital base by selling shares and warrants to a group of investors, including Bain Capital and top Indian insurer Life Insurance Corp (LIC). The private lender in a filing said its board had approved the sale of up to 172.63 million shares at Rs 525 each, and 45.36 million convertible warrants at Rs 565 each on a preferential basis. Ahead of the news, Axis Bank’s shares on Friday had closed 0.8 per cent higher at Rs 544.50 on the BSE, compared with a 0.1 ...
Axis Bank to raise Rs 11,600 cr from Bain Capital, LIC
The bank will raise Rs 9,063 crore from the share sale and Rs 2,563 crore from the sale of warrants
Devidutta Tripathy | Reuters |