Axis Bank gains on board's nod for fund raising

Axis Bank rose 1.51% to Rs 400 at 12:38 IST on BSE after the bank said its board at a meeting held today, 21 August 2014, approved issuance of long term bonds/non-convertible debentures upto Rs 6000 crore on a private placement basis.

The announcement was made during market hours today, 21 August 2014.

Meanwhile, the S&P BSE Sensex was up 18.15 points or 0.07% at 26,332.44.

On BSE, so far 1.96 lakh shares were traded in the counter as against average daily volume of 1.98 lakh shares in the past one quarter.

The stock hit a high of Rs 401.95 and a low of Rs 393.35 so far during the day. The stock had hit a record high of Rs 408.59 on 23 July 2014. The stock had hit a 52-week low of Rs 152.80 on 4 September 2013.

The stock had underperformed the market over the past one month till 20 August 2014, sliding 1.29% compared with Sensex's 2.62% rise. The scrip had also underperformed the market in past one quarter, jumping 6.17% as against Sensex's 7.95% rise.

The large-cap private sector bank has equity capital of Rs 471.63 crore. Face value per share is Rs 2.

Axis Bank said that the approval of shareholders of the bank for the fund raising is proposed to be obtained by way of postal ballot.

Axis Bank's net profit rose 18.3% to Rs 1666.76 crore on 10.2% growth in total income to Rs 9980.47 crore in Q1 June 2014 over Q1 June 2013.

Axis Bank is the third largest private sector bank in India. The bank also has overseas offices in UK, Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi.

Powered by Capital Market - Live News