Axis Bank rises over 3% on fund raising plan

Axis Bank rises over 3% on fund raising plan

14/12/2016 12:39

Shares of Axis Bank climbed over 3 per cent on the Bombay Stock Exchange after the private sector lender said that it will raise fund upto Rs 3,500 crore through issue non-convertible debentures.

“The bank proposes to raise funds by issuing unsecured subordinated, perpetual, additional Tier I, Basel III compliant non-convertible debentures of the face value of Rs 10 lakh each for cash at par aggregating to Rs 3,500 crore,” Axis Bank said in a filing to BSE.

Buoyed by the development, shares of bank gained as much as 3.39 per cent to hit intra-day high of Rs 467.70 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of lender rose 3.09 per cent to Rs 466.95 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 26,638.88, down 58.94 points, or 0.22 per cent, at 12:45 hours.

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