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Last Updated : Jul 02, 2020 10:16 AM IST | Source: Moneycontrol.com

Axis Bank board approves up to Rs 15,000 crore capital raising plan

The board of the bank has approved the proposal relating to raising of funds not exceeding Rs 15,000 crores

 
 
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Leading private sector lender, Axis Bank said on July 2 that it was planning to raise up to Rs 15,000 crore through the issuance of various instruments.

The board of the bank has approved the proposal relating to raising of funds not exceeding Rs 15,000 crores  through issue of equity shares/ depository receipts and/or any other instruments or securities, the bank said in an exchange communication.

These instruments could represent either equity shares and/or convertible securities linked to equity shares including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) program, preferential allotment, the bank said.

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Earlier, HDFC Bank announced plans to raise up to Rs 50,000 crore by the issuance of unsecured perpetual debt Instruments, Tier II Capital Bonds and Long Term Bonds in the domestic market in one or more tranches.

The bank will consider "to Issue Unsecured Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long Term Bonds (financing of infrastructure and affordable housing) on a private placement basis and in this regard to consider and, if thought fit, to pass the following resolution, as a special resolution," it said.

The plan is among the agenda items listed for the annual general meeting on July 18, the bank said. A number of private banks have in recent months announced their plans to raise capital. Other banks include ICICI Bank Kotak Mahindra Bank and Kerala-Based Federal Bank. Banks are raising funds to augment their capital base following the coronavirus outbreak and prepare for growth.
First Published on Jul 2, 2020 10:15 am

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