Axis Bank gets board nod to raise up to Rs 15,000 cr

Private sector lender Axis Bank on Thursday said it has received the board of director's approval for raising funds up to Rs 15,000 crore through the issuance of various securities.

In a regulatory filing, Axis Bank said the board at its meeting held on Thursday has approved the proposal relating to raising of funds not exceeding Rs 15,000 crore.

The fundraising will be "through issue of equity shares/depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares," the filing said.

The filing further said the fundraising can be through Qualified Institutional Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) programme, preferential allotment or such other permissible mode or combinations as may be considered appropriate by the Board.

The fundraising proposal will be subject to the approval of shareholders at the ensuing 26th Annual General Meeting (AGM) of the bank.

In a separate filing, the lender said that the board has also decided to convene and hold the AGM of the shareholders on Friday, July 31, 2020, through Video Conferencing, in compliance with the relevant provisions of the Companies Act.

Shares of Axis Bank were trading at Rs 423.10 apiece on BSE, down 2.34 percent from the previous close.