The fund-raising will provide Axis Bank capital to shore up its balance sheet at a time when the lender’s non-performing assets (NPAs) have surged. Photo: BloombergMumbai: Axis Bank Ltd on Friday said its board had approved raising up to Rs11,625.8 crore ($1.78 billion) through a private placement of shares from a clutch of investors led by private equity fund Bain Capital. Bain Capital is picking up a 4% stake in the transaction, an Axis Bank filing with the stock exchanges showed. The fund-raising will provide Axis Bank capital to shore up its balance sheet at a time when the lender’s non-performing assets (NPA) have surged. Other banks that have raised equity capital this year include RBL Bank Ltd, Federal Bank Ltd, DCB Bank Ltd and Dena Bank Ltd.

Source: Mint November 10, 2017 13:07 UTC