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Axis Bank gains on fund raising plan

·1-min read

Axis Bank said that a meeting of the board of directors of the bank will be held on 2nd July 2020 to explore the option of raising funds by issue of equity shares/ depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) program, preferential allotment or such other permissible mode or combinations thereof as may be decided.

Separately, the board of directors of the bank yesterday approved the appointment of T.C. Suseel Kumar, Managing Director - Life Insurance Corporation of India, Promoter of the Bank, as the Additional Non-Executive (Nominee) Director of the Bank, with effect from 1st July 2020 and to hold office as such upto the date of the ensuing Annual General Meeting of the Bank.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering large and mid-corporates, SME, agriculture and retail businesses. It has 4,800 branches, 17,801 ATMs and 4,917 cash recyclers spread across the country as of 31 March 2020 and nine international offices.