Axis Bank hits fresh 52-week high on board nod for preferential issue plan
Posted on 13th November 2017 |
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| Axis Bank hit a fresh 52-week high of Rs 565, up 4% on the BSE in early morning trade, after the private lender's board of directors on Friday agreed raising of Rs 11,625 crore through the issue of preferential equity shares and convertible warrants to Bain Capital, Life Insurance Corporation of India (LIC) and others. The bank made announcement on Friday after market hours. Axis Bank said it proposes to raise equity and equity-linked capital of Rs 11,626 crore from a set of marquee investors including entities affiliated with Bain Capital Private Equity and the Bank’s promoter Life Insurance Corporation of India. Entities affiliated with Bain Capital proposes to invest Rs 6,854 crore and LIC proposes to invest Rs 1,583 crore. The bank proposes to raise Rs 9,063 crore through issuance of equity and the remaining Rs 2,563 crore though issue of warrants, it added. The bank would issue 172.6 million equity shares to investors, including promoters, at Rs 525 per share. Additionally, the lender would issue 45.3 million warrants at Rs 565 per warrant. The capital raised will bolster the capital adequacy of the Bank, thereby providing growth capital for the core business of the Bank and its subsidiaries, Axis Bank said in press release. In past three weeks, Axis Bank outperformed the market by gaining 26% against 2.5% rise in the S&P BSE Sensex. At 9:44 am, the stock was up 1.6% at Rs 553, as compared to 0.05% decline in the benchmark index. A combined 6.65 million shares changed hands on the counter on the NSE and BSE. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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