Axis Bank gains on the back of new share sale

The Indian bank raises $1 billion including a preferential offering to LIC, while Ascott Reit prices its follow-on at the bottom of the range for a $121 million infusion of new capital.

Axis Bank gains on the back of new share sale
Ascott has a portfolio of serviced residences and rental housing properties across Asia-Pacific and Europe

Axis Bank’s share price jumped 4.3% yesterday after the Indian bank’s qualified institutional placement QIP was significantly oversubscribed and sent investors scrambling for the stock in the secondary market.

The deal was completed in the early hours of yesterday morning Hong Kong time and raised Rs47.26 billion $877 million, which makes it largest equity deal out of India so far this year. The fact that the deal made money for investors would also be...

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