Axis Bank to raise up to Rs 15,000 crore

Mumbai (Bombay): The board of directors in private industry lender Axis Bank on Thu. sanctioned a proposal relating to rising of funds as many as INR 15,000 cr to beef up capital buffers.

This going to be finished using problem of equity shares (or) depository receipts (or) any different instruments (or) securities representing either equity shares & convertible securities related to equity shares.

It’ll contain using qualified institutions placement (or) American depository receipts (or) global depository receipts program, preferential allotment (or) such different permissible mode (or) combinations.

The proposal is subject to the sanction of shareholders in 26th annual gen. gathering of the bank to be conducted using video footage conferencing on Jul 31, the bank stated in an announcement.

The development (devt) comes amidst quick deterioration within the functioning environment for banks in India(In) following the COVID-19 epidemic & steps to include its spread.

Rating agency Fitch has lowered the functioning environment score for Indian banks to BB from BB-plus awhile maintaining it on a negative outlook because of the uncertainty surrounding the severity & duration of the epidemic & the associated impacts on India(In)’s banks from constraints on economic activity.

This is in spite of relief steps executed by these officials to help the economy & protect borrowers, that indirectly benefit the banks.