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Axis Bank to raise funds

Axis Bank is expected to seek shareholders’ approval for raising up to Rs 15,000 crore by issuing long-term bonds or non-convertible debentures to select investors in the domestic market. The bank informed the Bombay Stock Exchange (BSE) that it seeks to raise the fund on private placement bases, in one or more tranches, as per the structure and within the limits permitted by the RBI, of an amount not exceeding Rs 15,000 crore. The bank had reported an 18.4% rise in its net profit to Rs 1,899.76 crore for the third quarter ended December 2014-15. The gross NPAs of the bank stood at 1.34% in the quarter, over 1.25% in the year ago period. Net NPAs also rose marginally to 0.44% from 0.42%.

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