Published on 13/11/2017 12:14:25 PM | Source: Dion Global Solutions Ltd.

Axis Bank gains on board nod for preferential issue plan

Posted in Stock On The Move| #Axis Bank Ltd #Banking Sector #Stock On The Move

Shares of Axis Bank rallied nearly 4 per cent on the Bombay Stock Exchange after the private lender's board of directors on Friday agreed raising of Rs 11,625 crore through the issue of preferential equity shares and convertible warrants to Bain Capital, Life Insurance Corporation of India (LIC) and others. The bank made announcement on Friday after market hours. Boosted by the development, shares of the company were trading at higher by 1.66 at Rs 553.55 apiece on the Bombay Stock Exchange.

In a similar fashion, shares of the firm were trading 1.64 per cent higher at Rs 553.75 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 33,200.25, down 114.31 points, or 0.34 per cent, at 12:08 hours.