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Axis Bank has approval from its board and shareholders to raise an amount of upto Rs 15000 crore. In a disclosure made earlier, the lender said the funds could be raised through \u201cissue of equity shares\/ depository receipts and\/or any other instruments or securities representing either equity shares and\/or convertible securities linked to equity shares including through Qualified Institutions Placement \/ American Depository Receipts \/Global Depository Receipts\/ preferential allotment,\u201d<\/p>\n
Terms of the QIP include a base target of Rs 8000 crore to be raised, with a further option of upsizing the issue by Rs 2000 crore, reported Mint. BRLMs for the QIP include subsidiary Axis Capital, BNP Paribas and UBS. Axis Bank was also reportedly in talks with Bain Capital<\/a>, Carlyle<\/a> and Fidelity<\/a> for a preferential allotment, according to The Economic Times (ET).<\/p>\n Axis Bank had in FY19 raised Rs 12500 crore through a QIP, which was issued to fund business growth. The earlier QIP\u2019s floor price was set at Rs 661.50 per share. The lender had in July 2019 gone through a QIP route using a resolution which allowed it to raise upto Rs 18000 crore.<\/p>\n The private lender in the first quarter of FY21 declared a profit of Rs 1112.17 crore, a YoY decrease of almost 19%. In the fourth quarter of FY20, the private lender had declared a loss of Rs 1387.78 crore. The lender as of June 2020 had provisions of Rs 6898 crore, of which Rs 915 crore represented provisions for the first quarter of FY21. Axis Bank said its provision coverage ratio (PCR), as a proportion of gross NPAs, increased to 75% from 69% earlier in March 2020.<\/p>\n<\/div>\n