Mumbai: Indian private sector lender Axis Bank Ltd is selling shares to raise as much as $1 billion, two sources with direct knowledge of the matter said on Monday, in the biggest equity deal for the year.
The bank is selling up to 34 million shares to institutional investors at Rs.1,390 a share to raise as much as $877 million, said the sources, who declined to be named as they were not authorized to speak to the media.
Separately, Axis is also raising up to $152 million by allotting up to 5.9 million shares on a preferential basis at Rs.1,390 rupees a share, said the sources, adding the bank would raise a total of about $1 billion from the two tranches.
Shares in Axis Bank ended 1.9% higher on Monday at Rs.1,412.95, outperforming a flat close in the broader market and 0.7% gain in the banking sector index.
