Axis Bank board today approved the decision to increase the authorised share capital of the bank by Rs 350 crore to Rs 850 crore, the bank informed the Bombay Stock Exchange today. At present, the authorised share capital stands at Rs 500 crore.
The private lender’s board of directors at its meeting today said the bank will raise Tier - I capital of the bank by issue of equity shares not exceeding 45.8 million equity shares through GDRs/ QIP issue and preferential issue to promoters of the bank.
This being “subject to approval of shareholders, Reserve Bank of India and other regulatory authorities as may be required,” the statement said.
Further, the private sector bank will increase the number of stock options which can be granted under the Employee Stock Option Scheme of the bank.
The bank will seek approval of shareholders to the above proposals through postal ballot.
The shares of Axis Bank ended higher by 0.50 per cent at Rs 1,359.75 on the BSE.