Axis Bank today announced the successful closure of India’s largest ever Equity QIP programme amounting to over Rs. 4,726 crore. This is a part of the total fund raise of Rs. 5,537 crore, which includes a Preferential offer to certain promoters of Axis Bank.
This QIP programme was hugely successful having received significant interest from institutional investors from across the globe. The entire offering was placed with high quality investors that included large long only funds, pension funds, insurance companies and domestic mutual funds.
This offering has led to a redistribution of the Bank’s shares with the weight of long only institutions rising significantly. Subsequent to this Offering, the shareholding of the promoters will stand at 33.5%, other resident shareholders at 19.3% and global institutions (including GDRs) at 47.2%.
Commenting on the programme Shikha Sharma, MD & CEO, Axis Bank said: “We are heartened by the incredible response received from institutional investors from across the globe. We are delighted that large global houses and long term institutions like pension funds, insurance companies and mutual funds have reposed their faith in the Bank. We believe that the success of our fund-raise signals the belief in the India promise and the renewed interest global investors have in high quality companies and issuers from India”
The QIP programme was managed by Axis Capital, Citi and JP Morgan.
India Infoline News Service / 08:59, Sep 15, 2014
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