Axis Bank QIP likely to be launched today: Sources

MUMBAI: Axis Bank, India’s third largest private sector lender, may launch its qualified institutional placement (QIP) in the next two days. However, in all likelihood, the QIP may be launched as early as today evening, say sources. The issue is likely to be oversubscribed.

The bank is expected to raise around Rs 6,000 crore by issuing 4.52 crore shares to institutional investors. This would mean a pre-issue dilution of 10.5 per cent to the total shareholding of 4.27 crore shares. The bank is also likely to allot proportionate shares on preferential basis to LIC as well.

The price band of the issue is expected to between Rs 1,345 and 1,395 per share.

JP Morgan and Citigroup are the likely bankers to the issue.

At 01:10 pm, the stock was trading at Rs 1419.30, up 2.38 per cent, on the NSE. It has touched a high of Rs 1,421.45 and a low of Rs 1,375.85 in trade today.