Axis Bank has selected banks, including Citigroup and JPMorgan Chase, to carry out a planned stake sale of ~$1.3bn, according to media sources. Shares of the company are trading flat with a negative bias.
India’s third-largest private sector lender has also selected Credit Suisse Group, BNP Paribas, HSBC Holdings, UBS Group and Axis Capital for the proposed offering, as per these reports.
The deal could help the bank boost loans and the overall capital buffer, which is the lowest among its private-sector bank peers as of March 31, 2019.
The bank is said to have planned seeking board approval for the deal this month, while the stake sale could happen later this year.
Axis Bank Ltd is currently trading at Rs763.60 down by Rs4.9 or 0.64% from its previous closing of Rs768.50 on the BSE.
The scrip opened at Rs772.20 and has touched a high and low of Rs773.25 and Rs763 respectively. So far 32,87,199 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,01,317.06cr.
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