Axis Bank to Raise About $1.79 Billion Through Stake Sale

By Debiprasad NayakFeaturesDow Jones Newswires

India's Axis Bank Ltd. (532215.BY), one of the country's largest lenders, said Friday it will raise about 116.3 billion rupees ($1.79 billion) by selling shares and warrants to various investors.

The bank said it will sell 172.63 million shares on a preferential basis at 525 rupees each and issue 45.36 million convertible warrants at 565 rupees each.

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The investors include Bain Capital, Indian insurer Life Insurance Corp. and EuroPacific Growth Fund.

Indian banks have been looking at various ways to raise funds to meet their capital requirements, as rising bad loans have forced them to set aside more money.

Earlier this year, State Bank of India (500112.BY) raised about $2.3 billion through a share sale to institutions.

Write to Debiprasad Nayak at debiprasad.nayak@wsj.com

(END) Dow Jones Newswires

November 10, 2017 07:27 ET (12:27 GMT)