You are here: Home » Markets » News
Business Standard

Axis Bank appoints Citigroup, JPMorgan for $1.3-bn share sale: Sources

A deal would help the lender led by Chief Executive Officer Amitabh Chaudhry bolster loans and boost overall capital buffer

Bloomberg 

Axis Bank
Axis Bank

has picked banks, including Citigroup and JPMorgan Chase, to arrange a planned share sale of at least $1.3 billion, according to people with knowledge of the matter.

India’s third-largest private sector lender has also selected Credit Suisse Group, BNP Paribas, HSBC Holdings, UBS Group and Axis Capital for the proposed offering, the people said, asking not to be identified. can add more arrangers later, they said. The share sale could raise as much as $2 billion, one of the people said.

A deal would help the lender led by Chief Executive Officer Amitabh Chaudhry bolster loans and boost overall capital buffer, the lowest among its private-sector peers as of March 31. The Mumbai-based bank plans to seek board approval for the deal this month and the sale could take place later this year, the people said.

A spokeswoman for didn’t immediately respond to a phone call and email. Representatives for JPMorgan and Credit Suisse declined to comment, while spokesmen at BNP Paribas, Citigroup, HSBC, UBS and Axis Capital didn’t immediately respond. Shares of Axis Bank fell 2.2 per cent on Wednesday in Mumbai. The bank is still the best-performing stock on the 10-member Banke index in 2019 with gains of 24 per cent.


First Published: Thu, July 11 2019. 00:48 IST
RECOMMENDED FOR YOU