Axis Bank Ltd.

Axis Bank is likely to launch its qualified institutional placement (QIP) in the next two days to raise Rs 6,000 crore, according to a report. India’s third largest private sector lender will raise the said amount by issuing 4.52 crore shares to institutional investors. This would mean a pre-issue dilution of 10.5 percent 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.

The bank, back in December 2012, had received board’s approval to raise funds about Rs 6,228 crore by offering 4.58 crore shares by various means, including Qualified Institutional Placement (QIP) or Global Depository Receipt (GDR).

The bank reported 22.22% rise in its net profit at Rs 1347.22 crore for third quarter ended December 31, 2012 as compared to Rs 1102.27 crore for the same quarter in the previous year. Total income of the bank has increased by 19.06% at Rs 8580.30 crore for quarter under review as compared to Rs 7206.77 crore for the quarter ended December 31, 2011.