In today's trade scrip of Axis Bank jumped 4.6% to trade at Rs. 551.55 on the back of the banks' board meet to discuss on fund raising plans. The scrip touched a fresh 1- year high since September month last year.
In a filing to the exchange the third largest private sector lender said, "a meeting of the board of directors of Axis Bank will be held on Friday, November 10, 2017, to consider raising of funds by issue of equity / equity linked securities through permissible mode at an appropriate time". It added that any fundraising approved by its board would be put to shareholders for a vote.
The fund raising plans has come at a time when the bank's NPA has risen and as per media report it is aiming to raise USD 1 billion.
At 3:21pm, the stock of the bank was trading with gains of 3.25% at Rs. 544.25 on the BSE.