Axis Bank To Raise Up To Rs 55,000 Crore Through Debt Instruments, Equity
Axis Bank will raise Rs 35,000 crore through issue of debt instruments and Rs 20,000 crore through equity.
The board of directors at Axis Bank Ltd. approved raising Rs 55,000 crore through shares and bonds. The bank is looking to raise the amount through non-convertible debentures and equity issues.
Axis Bank will raise Rs 35,000 crore through the issue of debt instruments, including long-term bonds, compulsorily convertible debentures, infrastructure bonds and other such debt securities, the bank announced through an exchange filing on Wednesday.
The remaining Rs 20,000 crore will be raised through the issue of equity shares, which could include qualified institutional placement, global depository receipts or other permissible modes. The fundraise will be subject to the approval of members of the bank and other regulatory bodies.
The bank reported a 17.4% jump in net profit at Rs 7,129.7 crore and a 4% rise in net interest income at Rs 13,089 crore in the fourth quarter of FY24.
Axis Bank Q4 FY24 Highlights
Net profit up 17.4% at Rs 7,129.7 crore vs Rs 6,071 crore.
Net interest income rose 4% to Rs 13,089 crore vs Rs 12,532 crore.
Gross NPA at 1.43% vs 1.58% (QoQ).
Net NPA at 0.31% vs 0.36% (QoQ).