Axis Bank increases Rs. 10,000 cr through QIP by admin- Tuesday, August 11th, 2020 03:53:15 PM
Axis Bank has raised Rs. 10,000 crore through Qualified Institutions Placement (QIP). The QIP issuance changed into achieved at a rate of Rs. 420.10 in keeping with equity proportion, a discount of 5% to the floor price of Rs. 442.19 per percentage
The financial institution had announced the opening of its QIP remaining week to raise finances to enhance its capital adequacy in accordance with regulatory necessities, its growth approach, addressing dangers emanating from the Covid-19 pandemic and for trendy company purposes.
The fund elevating turned into authorized by way of the shareholders of the financial institution on the 26th Annual General Meeting hung on July 31, 2020.