Axis Bank launches ₹10,000-cr share sale, sets ₹442 as floor price for QIP1 min read . Updated: 04 Aug 2020, 07:00 PM IST
The bank is apparently targeting a base deal size of ₹8,000 crore
Mumbai: Private sector lender Axis Bank Ltd on Tuesday launched a qualified institutional placement (QIP) offering to raise as much as ₹10,000 crore.
The bank, in a stock exchange filing, said that its board had approved the launch of the share sale and had fixed a floor price of ₹442.19 per share for the QIP offering.
On Tuesday, Axis Bank shares closed at ₹428.9 per share, up 2.77%, on the BSE.
According to terms of the deal seen by Mint, the bank is targeting a base deal size of ₹8,000 crore, with an option to up size the deal by ₹2,000 crore.
The bank’s inhouse investment banking unit Axis Capital and other investment banks such as UBS and BNP Paribas are advising the share sale.