indias-axis-bank-boosts-capital-with-720-million-qipgdr-sale

India's Axis Bank boosts capital with $720 million QIP/GDR sale

Axis upsizes the fixed-price deal from an initial target of $600 million to become the second largest follow-on in Asia this year.

Axis Bank, the third largest private bank in India, late Thursday managed to complete the combined qualified institutional placement QIP of common shares and the sale of global depositary receipts GDRs that it had received shareholder approval for a week earlier. The fundraising, which totalled $720 million after the deal was upsized, will boost Axis's tier-1 capital.

Axis, which was previously known as UTI Bank, offered to sell $600 million worth of shares and GDRs, with an option to increase the sale by $120 million in case of demand. There was no formal split between the two instruments, allowing the allocation to be determined depending on the level of demand. Given...

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