Axis Bank gets board nod to raise up to Rs 15,000 cr

New Delhi, Jul 2 () Private sector lender Axis Bank on Thursday said it has received board of director's approval for raising funds up to Rs 15,000 crore though issuance of various securities.

In a regulatory filing Axis Bank said the board at its meeting held on Thursday has approved the proposal relating to raising of funds not exceeding Rs 15,000 crore.

The fund raising will be "through issue of equity shares/depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares," the filing said.

The filing further said the fund raising can be through Qualified Institutional Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) programme, preferential allotment or such other permissible mode or combinations as may be considered appropriate by the Board. Advertisement

The fund raising proposal, will be subject to the approval of shareholders at the ensuing 26th Annual General Meeting (AGM) of the bank.

In a separate filing, the lender said that the board has also decided to convene and hold the AGM of the shareholders on Friday, July 31, 2020 through Video Conferencing, in compliance with the relevant provisions of the Companies Act.

Shares of Axis Bank were trading at Rs 423.10 apiece on BSE, down 2.34 per cent from the previous close. KPM DRR DRR

(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)