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Shares of Axis Bank were trading nearly 2% higher at Rs 400 after the bank's board approved raising funds through private placement.
The Board of Directors of the Bank at its meeting held on August 21, 2014 has approved issuance of long term bonds/non-convertible debentures upto Rs 6,000 crore on a private placement basis, Axis Bank said in a release to the stock exchange.
The approval of shareholders of the Bank in terms of the provisions of Companies Act, 2013 is proposed to be obtained by way of Postal Ballot.
The stock opened at Rs 397 and touched a high of Rs 402 so far. Over 3.8 million shares were traded on the BSE and NSE so far.
