Private sector lender Axis Bank successfully mopped up Rs 4,726 crore through the qualified institutional placement (QIP), which closed on Thursday. This equity capital raising was a part of the total of Rs. 5,537 crore, which includes a preferential offer to certain promoters of Axis Bank .
"Large global houses and long term institutions like pension funds, insurance companies and mutual funds have reposed their faith in the bank. We believe that the success of our fund-raise signals the belief in the India promise and the renewed interest global investors have in high quality companies and issuers from India," Shikha Sharma, MD & CEO, Axis Bank said in a release.
This offering, according to the release, has led to a redistribution of the bank's shares with the weight of long only institutions rising significantly. Following this QIP, the shareholding of the promoters will stand at 33.5%, other resident shareholders at 19.3% and global institutions (including GDRs) at 47.2%.
The board of directors of the bank approved the proposed share sale at their board meeting held on December 17, 2012. India's third largest private sector lender had closed its third quarter earnings with a capital adequacy ratio of 13.73%.
In the last one month, Axis Bank shares climbed 11% as against 2% rise of the Bank Nifty, the broader index for banking stocks.
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