Axis Bank Limited announces opening of QIP, floor price fixed as Rs. 442.19

Axis Bank Limited (the "Bank") has announced the opening of the Qualified Institutions Placement of equity shares of face value of ₹ 2 each (the "Equity Shares") by the bank to Qualified Institutional Buyers (QIB).

The Committee of Whole-Time Directors of the Bank (the "Committee"), at its meeting held today i.e. 4th August 2020, has decided to open the Issue for receiving bids, in accordance with the provisions of Chapter VI of the SEBI ICDR Regulations. The Committee also approved and adopted the Preliminary Placement Document dated 4th August 2020 in connection with the Issue.

The Committee also approved that the floor price in respect of the Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs. 442.19 per Equity Share of the Bank, and the 'relevant date' for this purpose, in terms of Regulation 171of the SEBI ICDR Regulations, is 4th August 2020. In accordance with Regulation 176(1) of the SEBI ICDR Regulations, the Committee may, at its absolute discretion may offer a discount of not more than 5% to the said Floor Price.

Shares of AXIS BANK LTD. was last trading in BSE at Rs.428.9 as compared to the previous close of Rs. 417.35. The total number of shares traded during the day was 682019 in over 10019 trades.

The stock hit an intraday high of Rs. 430.95 and intraday low of 417.4. The net turnover during the day was Rs. 289102727.

Source : Equity Bulls

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