Axis Bank sets a floor price of Rs 442.19 per equity share for QIP

Axis Bank on Tuesday said it has set a floor price of Rs 442.19 per equity share for its proposed Rs 15,000 crore qualified institutional placement (QIP).

The board of the bank had last month approved the Rs 15,000 crore fund raise plan. The QIP was okayed by shareholders at the annual general meeting held on July 31, 2020, the bank said.

"The committee of whole-time directors of the bank at its meeting held today i.e. 4th August 2020, has decided to open the issue for receiving bids. The committee also approved and adopted the preliminary placement document in connection with the issue," Axis Bank said in a regulatory filing.

The committee also approved the floor price of Rs 442.19 per equity share of the bank, based on the pricing formula as per prescribed regulations, it added.

Further, it said the committee may, at its absolute discretion, offer a discount of not more than 5 per cent of the said floor price.

Axis Bank said a meeting of the committee is scheduled to be held on August 10, 2020 to consider and approve, among other things, the issue price for the equity shares proposed to be issued.

Stock of Axis Bank closed at Rs 428.90 apiece on BSE, up 2.77 per cent.