Signals, Powered By EquityPandit
Axis Bank’s board, has approved stake sale to Bain Capital and other investors to raise capital, by issue of equity linked securities on a preferential basis.
Axis Bank in a filing to exchanges stated, “The Board of Directors of the Bank will be convened on 10th November 2017, to consider raising of funds by issue of equity / equity linked securities through permissible mode at an appropriate time.. In this connection, we would like to inform that the Board of Directors of the Bank at its meeting held today has approved the raising of funds by issue of equity shares and convertible warrants on a preferential basis.”
Further it stated, the issue price of equity shares will be at Rs.525 per share and that of convertible warrants will be Rs.565 per share.
Moreover, fund raising involves sale of 9% stake and the board has approved raising of up to Rs.11,625 crore through equity and warrant issue.
