Chennai: Private sector lender Axis Bank said 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, however, did not disclose when it will raise the funds. Earlier, it had said it will mobilise resources at an “appropriate time”.
In the filing, Axis Bank said 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.