Axis Bank has moved higher by 3% to Rs 1,426 on buzz that the private sector bank may launch its qualified institutional placement (QIP) during the current week.
The board of directors of the India's third largest private sector lender has already approved the proposed issue, at their board meeting held on December 17, 2012.
“All the existing promoters except the Specified Undertaking of unit Trust of India (SUUTI) have given their consent to subscribe to the proposed issue in the proportion of their holdings in the bank,” the Times of India report suggests.
The bank is expected to raise around Rs 6,000 crore by issuing 45.8 million shares to institutional investors, added report.
The stock opened at Rs 1,381 and hit a high of Rs 1,429 on NSE. A combined 2.54 million shares have changed hands on the counter so far on both the exchanges.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app