Axis Bank, the third largest private sector lender in the country has raised Rs 5,537 crore by selling shares to institutional investors and certain promoters. On the whole, the bank has raised Rs 4,726 crore through its qualified institutional placement (QIP).
The QIP offer was placed with investors that included large long only funds, pension funds, insurance companies and domestic mutual funds. The QIP programme was managed by Citi, JP Morgan and Axis Bank. Following the QIP issue, the shareholding of the promoters stands at 33.50%. Other resident shareholders hold 19.30% stake, while global institutions have the remaining 47.20%.
