INSUBCONTINENT EXCLUSIVE:
Private sector lender Axis Bank said Saturday its board has approved raising up to Rs 18,000 crore through an issue of equity shares,
depository receipts or convertible securities
The Board of Directors of the bank approved the proposal in this regard in the meeting held Saturday, the bank said in a regulatory filing
"The Board has approved raising of funds aggregating up to Rs 18,000 crore," Axis Bank said in a regulatory filing
The bank is one of the worst-affected private lenders after the Reserve Bank's asset quality review, which led to a huge increase in bad
loans over past three years
The bank's provisioning for bad loans reduced to Rs 2,711 crore in the fourth quarter of 2018-19, from Rs 7,179 crore in the corresponding
period last fiscal, according to regulatory filings
The bank said that 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 Institutions Placement
(QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) program, preferential allotment or such other permissible mode
or combinations as may be considered appropriate
The fund will be raised subject to shareholder's approval to the fund raising proposal through postal ballot process.