Axis Bank ropes in Citi, Axis Cap as advisors for fund raising

The board proposed to raise funds by offering 4.58 crore shares by various means

Private sector Axis Bank is believed to have appointed Citigroup and JP Morgan Chase as investment bankers for raising funds of about Rs 6,000 crore.

According to sources, the bank has also roped in Axis Capital, the investment banking arm of the bank as advisor.

Axis Bank passed an enabling resolution to raise funds through equity sale in December.

The bank will take a decision on fund raising in due course of time, its executive director Somnath Sengupta had said yesterday after announcing the third quarter number.

As per the board decision taken last month, the bank proposed to raise funds by offering 4.58 crore shares by various means, including Qualified Institutional Placement (QIP) or Global Depository Receipt (GDR).

The board of the private sector lender had also approved raising the authorised share capital of the bank from Rs 500 crore to Rs 850 crore.

Shares of Axis Bank closed at Rs 1,409.65 per unit, down 0.9% on the BSE.