Covid-19: Axis Bank, HDFC raise Rs 10,000 cr each via QIPs to absorb risk

Recently, many private sector lenders have raised funds to create a buffer so that they are in a position to absorb any kind of shock emanating from the pandemic

Private lender Axis Bank has raised Rs 10,000 crore through qualified institutional placement (QIP) of shares, which the lender will use to bolster its capital adequacy, fund its growth strategy and absorb any kind of risk emanating from the pandemic.

Similarly, mortgage lender Housing Development Finance Corporation (HDFC) on Tuesday said, it has raised Rs 10,000 crore through the issue and allotment of 56.8 million equity shares of face value of Rs 2 each at an issue price of Rs 1,760 per equity share.
 

Axis Bank’s issuance was oversubscribed with the aggregate final transaction size being Rs 10,000 crore, it said.