Axis Bank has moved higher by 3% to Rs 1,426 on buzz that the private sector bank may launch its qualified institutional placement (QIP) during the current week.
The board of directors of the India's third largest private sector lender has already approved the proposed issue, at their board meeting held on December 17, 2012.
“All the existing promoters except the Specified Undertaking of unit Trust of India (SUUTI) have given their consent to subscribe to the proposed issue in the proportion of their holdings in the bank,” the Times of India report suggests.
The bank is expected to raise around Rs 6,000 crore by issuing 45.8 million shares to institutional investors, added report.
The stock opened at Rs 1,381 and hit a high of Rs 1,429 on NSE. A combined 2.54 million shares have changed hands on the counter so far on both the exchanges.
