India's Axis Bank Ltd. raised 125 billion rupees by selling its equity shares to qualified institutional investors, Mint reported Sept. 22, citing two sources close to the matter.
The report came after the private sector lender on Sept. 19 opened the sale and set a floor price of 661.50 rupees per share. It was the second largest qualified institutional placement in India after State Bank of India's 150 billion share sale in 2017, the news outlet reported.
One of the sources told the news outlet that the bank sold the shares at 628 rupees to 629 rupees apiece. Among other foreign investors, funds managed by Singapore's GIC Pte. Ltd., T. Rowe Price Group Inc. and BlackRock Inc. took part in the share sale, the sources said, adding that the book was subscribed almost equally by foreign and domestic investors.
T. Rowe Price declined to comment, while GIC, BlackRock and Axis Bank did not respond to Mint's emails, according to the report.
As of Sept. 20, US$1 was equivalent to 71.05 Indian rupees.
