AXIS Bank fixes GDR issue price at $18.90

AXIS Bank Ltd has announced that the Management Committee authorised by the Board of Directors in their meeting held on August 04, 2009 regarding raising Tier I equity capital met on September 22, 2009 to decide pricing of equity shares to be offered under Global Depository Receipts (GDRs) and Qualified Institutional Placements (QIP) offerings. The issue price for one equity share representing the underlying shares to the Global Depository Receipts (GDRs) of Rs. 10/- each fully paid up has been fixed at USD 18.90 (Rs. 906.70 per underlying share). The same issue price i.e. Rs. 906.70 per share has been fixed for equity shares to be issued under QIP and the preferential issue to promoters.

As approved by the shareholders of the Bank in the resolution dated September 09, 2009, the Bank is conducting an offering of 33,044,500 Equity Shares of face value of Rs. 10 each under the QIP offering and 5,055,500 equity shares of face value Rs. 10 per equity share in the form of GDRs each representing one equity share. The shareholders of the Bank in the resolution dated September 09, 2009 approved a preferential allotment of up to 10,826,073 equity shares to the Promoters. The Bank is making a Preferential Allotment of up to 4,902,257 equity shares at a price of Rs. 906.70 per equity share, which is equivalent to the price at which the GDRs are currently being offered, to LIC and New India Assurance Company Ltd.

The stock closed the day at Rs.909.75, down by Rs.4.35 or 0.48%. The stock hit an intraday high of Rs.921.95 and low of Rs.907.

The total traded quantity was 281851 compared to 2 week average of 342185.

Source : Equity Bulls

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