Axis Bank, 8 others to list additional shares on exchanges
Cholamandalam, Indiabulls, Radha Madhav Corporation, TVS Electronics and Allahabad Bank are the other entities which have listed more shares on NSE
Mumbai: The National Stock Exchange (NSE) has admitted and listed additional shares for nine companies, including Axis Bank, Indiabulls Real Estate, Indian Overseas Bank and Motilal Oswal Financial Services, for trading from Thursday.
Cholamandalam Investment and Finance Company, Indiabulls Housing Finance, Radha Madhav Corporation, TVS Electronics and Allahabad Bank are the other entities which have listed further issues on the NSE.
As per norms, listed companies are admitted to issue additional shares to raise new capital to fund their business operations via qualified institutional placement, preferential issue, foreign currency convertible bonds, among others.
A firm may also issue additional shares to its employees by way of employee stock option plans/schemes (ESOP/ESOS) and to its shareholders by way of bonus/rights Issue. “...it is hereby notified that the list of securities further admitted to dealings on the NSE (Capital Market segment) with effect from 26 May, 2016,” the bourse said in a notice.
In a separate circular, BSE has said that further new securities issued by Axis Bank listed and were admitted for trading on the exchange from Thursday. Listing of further securities issued by the bank is for the purpose of ESOP/ESOS, it said.