Shares of Axis Bank were trading 2.47% higher at Rs 439.50 after the private lender has on Tuesday launched its qualified institutional placement with a floor price of Rs 442.19 per share.
Axis Bank's board had on 2 July 2020 approved the Rs 15,000 crore fund raise plan while the QIP was approved by shareholders at the annual general meeting held on 31 July 2020.
Axis Bank said the committee of whole-time directors of the bank at its meeting held yesterday i.e. 4 August 2020, decided to open the issue for receiving bids. The committee may, at its absolute discretion may offer a discount of not more than 5% to the said floor price.
The committee will hold meeting on Monday, 10 August 2020 to consider and approve, among other things, the issue price for the equity shares proposed to be issued pursuant to the issue.
The private lender's net profit dropped 18.82% to Rs 1,112.17 crore while total income remained almost flat at Rs 19,125.57 crore in Q1 June 2020 over Q1 June 2019.
Axis Bank is the third largest private sector bank in India. As on 30 June 2020, it had a network of 4,528 domestic branches and extension counters situated in 2,559 centres compared to 4,094 domestic branches and extension counters situated in 2,380 centres last year.
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