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Axis Bank Gains 4% On QIP Launch
Shares of Axis Bank rose nearly 4 percent to Rs 445 after the private lender launched its Rs 10,000 crore QIP (Qualified Institutional Placement). The bank has set the floor price for the offering at Rs 442.29 a share, according to its stock exchange filing. It could offer a discount of up to 5 percent at its discretion.
The lender is looking to mop up Rs 8,000 crore as the base deal size, with an option to increase the total funds by another Rs 2,000 crore.
Axis Capital, BNP Paribas and UBS are advisors to the share sale.
Last month, the bank had taken an enabling resolution to raise up to Rs 15,000 crore via the equity route.
In September last year, the bank had last raised Rs 12,500 crore through a QIP to fund its business growth. Its total capital adequacy ratio stood at 17.29 percent at the end of June.
The capital raised from the QIP will increase the bank's tier 1 capital by nearly 150 basis points, which will help the lender prepare for the onslaught of non-performing loans due to the COVID-19 pandemic.
