'Speculative, factually incorrect': Axis Bank on report of lender looking to tap market for Rs 10,000-cr QIP

Axis Bank Ltd on Wednesday quashed a report saying the Mumbai-headquartered lender is looking to raise Rs 10,000 crore through Qualified Institutional Placement. Axis Bank termed the report as "purely speculative and factually incorrect".

"We would like to inform you that the article with regard to Axis Bank tapping the market to raise funds through a QIP in the coming weeks and a decision to this effect may be taken at the board meeting ahead of the results is purely speculative and factually incorrect," said Axis Bank in a stock exchange filing.

A decision to raise money may be taken at the lender's board meeting ahead of the second quarter results. The investment bankers will be appointed after the board resolution is passed, reported Hindu Business Line on Wednesday.

At 1500 hours on Wednesday, the bank's scrip on BSE was trading 4% lower at Rs 998.4.