AXIS Bank to raise funds through QIP, Preferential issue

AXIS Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on August 04, 2009, inter alia, has decided to raise Tier - I capital of the Bank by issue of equity shares not exceeding 7,14,28,570 equity shares through GDRs / QIP issue and Preferential issue to promoters of the Bank.

The Board approved increasing the maximum strength of the Board of Directors of the Bank from 12 to 15 and Alteration to Articles of Association of the Bank for increasing the maximum number of Directors to 15. This increase will be subject to approval of the Central Government.

The Board approved appointment of Shri. M M Agrawal, Executive Director (Corporate Banking) of the Bank as Deputy Managing Director (Designate) with effect from August 04, 2009 till August 31, 2010 (the lost day of the month in which he reaches the age of superannuation).

The Board has sought approval of shareholders to the above proposals through postal ballot.

The stock closed the day at Rs.894.65, down by Rs.26.90 or 2.92%. The stock hit an intraday high of Rs.925.10 and low of Rs.886.80.

The total traded quantity was 626255 compared to 2 week average of 702047.

Source : Equity Bulls

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