Axis Bank gains ahead of expected share sale
Reuters Market Eye - Shares in Axis Bank gain 3 percent on expectations that its up to USD 1 billion share sale will attract solid demand.
Shares in Axis Bank
Axis is expected to launch its share sale via a qualified institutional placement (QIP) as early as on Monday, according to multiple dealers.
"Axis Bank's QIP would easily get oversubscribed as its fundamentals are good. Money raised via QIP would translate into 10 times of credit growth for the bank," said G Chokkalingam, CIO, Centrum Wealth Management.