Axis Bank fixes floor price for QIP issue at Rs 661.50 per equity share

Private lender Axis Bank on Thursday fixed the floor price for its qualified institutional placement (QIP) issue at at Rs 661.50 per equity share. The private lender has said that the board will meet again on September 25 to approve QIP issue to investors.

The bank, in an exchange filing, has also said that a discount of 5 per cent can be offered on the base price at the discretion of the board. While the issue size was not revealed, the bank’s board in July has approved a proposal to raise upto Rs 18,000 crore through issue of equity shares, depository receipts or convertible securities.

The bank’s scrip was down 1.5 per cent down at Rs 638.25 at the BSE.