Axis Bank looks forward to raising Rs 18,000 crore as board approves raising funds through issue of equity shares, convertible securities or depository receipts.
In a regulatory filing on Saturday, the private lender said that the Board of Directors of the bank approved the proposal in the same regard in the meeting.
The fund will be raised through issue of equity shares/depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through Qualified Institutional Placement / American Depository Receipts/ Global Depository Receipts programme, preferential allotment or such other permissible mode or combinations as may be considered appropriate, said Axis Bank.
Read EquityPandit’s Nifty Bank Outlook for the Week
Since the Reserve Bank of India’s asset quality review, Axis Bank has been one of the worst affected private lenders which led to a huge increase in bad loans over the past three years.