Axis Bank gets approval to raise up to Rs 15,000 cr to tide over Covid-19

In a meeting held on Thursday, the private lenders' board approved the capital raising plan through issue of equity shares/ depository receipts or any other instrument or securities

Axis Bank’s board on Thursday approved the plan to raise Rs 15,000 crore through a variety of instruments to shore up its capital base amid the Covid-19 disruptions.

These instruments could represent either equity shares or convertible securities linked to equity shares, including through qualified institutional placement (QIP), American depository receipts (ADRs), global depository receipts (GDRs), preferential allotment or such other permissible mode or combinations as may be considered appropriate by the board, the bank said in an exchange filing.

The capital adequacy ratio of Axis bank stood at 17.53 per cent as of March 31, with CET-I ratio at 13.34 per