Axis Bank shares jump 4 pc on fund raising

Shares of Axis Bank on Tuesday jumped nearly 4 per cent after the company said it has raised Rs 10,000 crore through allotment of equity shares to qualified institutional buyers (QIB). On the NSE, it rose by 3.92 per cent to close at Rs 448. In traded volume terms, 9.58 lakh shares were traded on the BSE and 3 crore units on the NSE during the day.

Shares of Axis Bank on Tuesday jumped nearly 4 per cent after the company said it has raised Rs 10,000 crore through allotment of equity shares to qualified institutional buyers (QIB). The stock gained 3.96 per cent to close at Rs 448 on the BSE.

During the day, it jumped 4.33 per cent to Rs 449.65. Axis Bank was the top gainer in the Sensex pack. On the NSE, it rose by 3.92 per cent to close at Rs 448.

In traded volume terms, 9.58 lakh shares were traded on the BSE and 3 crore units on the NSE during the day. Amid the COVID-19 pandemic, a slew of lenders has been bolstering their capital because of the likely impact on their balance-sheets because of the crisis. Excess liquidity is helping them raise money quickly.

The bank's chief executive and managing director Amitabh Chaudhry said the issue was subscribed over 3.5 times and received over 70 bids from a diverse set of global and domestic investors..