AXIS Bank to raise Rs 3000 crores

AXIS Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on June 01, 2009, has approved borrowing / raising funds to the extent of Rs 3,000 crores in FY 2009-10 by issue of Debt instruments in one or more tranches as per the structure and within the limits permitted by RBI and other regulatory authorities from eligible investors.

The Bank plans to raise Rs 500 Crores or equivalent amount in Indian / foreign currency by issue of debt instruments in domestic and / or overseas market, eligible for inclusion in tier I capital.

Rs 2,500 Crores or equivalent amount in Indian / foreign currency by issue of debt instruments in domestic and / or overseas market, eligible for inclusion in tier II capital.

The stock was trading at Rs.753.50, down by Rs.29.90 or 3.82%. The stock hit an intraday high of Rs.800 and low of Rs.743.

The total traded quantity was 752781 compared to 2 week average of 721120.

Source : Equity Bulls

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