AXIS Bank fixes QIP, GDR issue at Rs 906.70 a piece

MUMBAI: The country's third largest private sector lender, Axis Bank, today said it has fixed Rs 906.70 per equity share under its Global Depository Receipts (GDRs) and Qualified Institutional Placements (QIP) offerings.

The lender raised over Rs 4,880.61 crore by issuing a total of 53,828,330 equity shares.

The Management Committee authorised by the board of directors took a decision to this effect at its meeting held on Tuesday, Axis Bank said in a filing with the Bombay Stock Exchange.

The issue price for one equity share representing the underlying shares to the GDRs of Rs 10 each fully paid up has been fixed at USD 18.90 (Rs 906.70 per underlying share), it said.

The same issue price of Rs 906.70 per share has been fixed for equity shares to be issued under QIP and the preferential issue to promoters, it said.

As approved by the shareholders through a resolution dated September 9, 2009, the bank has allotted 33,044,500 equity shares of Rs 10 each under the QIP offering and 5,055,500 equity shares in the form of GDRs each representing one equity share, it said.