Axis Bank hits 52-week high on fund raising plans

The stock hit a 52-week high of Rs 550, up 4% on the BSE after Axis Bank said its board will meet on Friday, 10th November 2017 to consider fund raising plans.

Axis Bank hit a 52-week high of Rs 550, up 4% on the BSE in early morning trade, after the private sector lender said the board will meet on Friday, 10th November 2017 to consider fund raising plans.

“A meeting of the board of directors of Axis Bank will be held on Friday, 10th November 2017 at Mumbai, to inter-alia, consider raising of funds by issue of equity / equity linked securities through permissible mode at an appropriate time,” Axis Bank said in an exchange filing.

Last week, the media report suggested that the private equity (PE) firm Bain Capital is eyeing stake in Axis Bank.

“The bank in the ordinary course of its business continues to explore various means of raising capital/funds through issuance of the securities (equities and debt) to diverse set of investors, in order to meet its business/regulatory requirements,” Axis Bank said in a clarification of news report.

Post media report, in past seven trading sessions, the stock outperformed the market by gaining 14% against 0.54% rise in the S&P BSE Sensex.

At 09:53 AM; the stock was up 2.5% at Rs 540 on the BSE, as compared to 0.16% rise in the benchmark index. A combined 3.83 million shares changed hands on the counter on the BSE and NSE so far.