Axis Bank gets shareholder nod to raise Rs 11,626 cr

Published On: 09, Dec 2017 | Source:

Axis Bank's shareholders have approved mobilisation of Rs 11,626 crore through sale of shares and warrants to a group of investors, including and LIC, the private lender said on Friday.

The shareholders approved the fund-raising during an extraordinary general meeting (EGM) of the bank on Friday.

"We are honoured by the faith reposed by investors, including and our promoters of India, in the long-term strategy of the bank," MD and CEO said in a statement.

The investment also reaffirms the confidence foreign investors have in the India growth story, she added.

The bank's board had earlier approved the proposal to raise the money on November 10.

will mop up Rs 9,063 crore through share sale and Rs 2,563 crore from sale of warrants.

Entities affiliated to propose to invest Rs 6,854 crore while the Life Insurance Corporation (LIC) will be issued around 3.02 crore shares on a preferential basis.

This will lead to 9 per cent stake dilution for Rs 11,625 crore. (with 4.8 per cent stake), (3 per cent) and (1.2 per cent) are the main investors.