Pursuant to the approval granted by the Board of Directors of AXIS Bank (the Board), at its meeting held on July 20, 2019, the approval granted by the Shareholders of the Bank through postal ballot on August 21, 2019 to the Issue, the Committee of Whole-Time Directors of the Bank (the "Committee"), at its meeting held today 19th September 2019, has decided to open the Issue for receiving bids, in accordance with the provisions of Chapter VI of the SEBI ICDR Regulations. The Committee also approved and adopted the preliminary placement document dated 19th September 2019 in connection with the Issue.
The Committee also approved that the floor price in respect of the Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs. 661.50 per Equity Share of the Bank, and the 'relevant date' for this purpose, in terms of Regulation 171 of the SEBI ICDR Regulations, is 19th September 2019. In accordance with Regulation 176(1) of the SEBI ICDR Regulations, and the Committee may, at its absolute discretion may offer a discount of not more than 5% to the said Floor Price.
The Committee's meeting commenced at 6.30 p.m. and concluded at 7.00 p.m.
The meeting of the Committee will be held on Wednesday, 25th September 2019 to consider and approve, among other things, the issue price for the Equity Shares proposed to be issued pursuant to the issue in accordance with the Chapter VI and other applicable provisions of the SEBI ICDR Regulations.
Shares of AXIS BANK LTD. was last trading in BSE at Rs.638.25 as compared to the previous close of Rs. 648.2. The total number of shares traded during the day was 246148 in over 3730 trades.
The stock hit an intraday high of Rs. 649.9 and intraday low of 632.7. The net turnover during the day was Rs. 157921362.