Axis Bank to raise big bucks with investors

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Axis Bank, India’s third-largest private sector bank, will accept one of the largest private equity investments in the Indian banking sector if its capital raising exercise is approved at the extraordinary general meeting on 8 December.

The bank announced that it plans to raise ₹107 billion (US$1.68 billion) in equity and equity-linked capital by selling shares and warrants to a group of marquee investors.

The bank, which received approval for the capital-raising exercise from its board of directors on 10 November, proposes to raise US$1.3 billion through the issuance of equity and US$388 million through the issue of warrants.

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