Axis Bank board to meet on Nov 10, decide on raising equity

The board of Axis Bank will meet on November 10 to consider a proposal to raise equity capital by issuing securities. The board will meet in Mumbai to consider issuing equity or equity-linked securities through a permissible mode at an appropriate time, Axis Bank informed the BSE.

Its stock closed 1.2 per cent down at Rs 527 per share on the BSE. Its promoters – LIC, Suuti and a clutch of state-owned insurance companies – hold a 30.5 per cent stake. Foreign portfolio investors have a 49.13 per cent stake. Mutual funds held an 8.4 per cent stake at the end