Axis Bank share price was trading 10% higher in early trade on Wednesday as the private lender launched a Rs 10,000 crore qualified institutional placement (QIP).
Lender's board had approved the launch of the share sale and fixed a floor price of Rs 442.19 per share for the QIP offering, as per Axis Bank's latest filing.
Following the news, shares of Axis Bank opened at Rs 438 and later touched an intraday high of Rs 446.70, rising 4.15% against the earlier close of Rs 428.90 on BSE.
Axis Bank share price trades higher than 5, 20, 50 and 100-day but lower than 200 day moving averages. Axis Bank shares closed 2.77% higher at 428.9 per share on Tuesday.
Market cap of Axis Bank rose to Rs 1.23 crore as of today's session. Stock price of Axis Bank has gained 2.18% in one month. The stock has risen 5.33% in the last 2 days.
As per reports, Axis Bank plans to raise Rs 8,000 crore as the base deal size, with an option to increase the total funds raised by another Rs 2,000 crore. Axis Capital, BNP Paribas and UBS are advisors to the share sale.
Earlier in September 2019, the private lender raised Rs 12,500 crore through a QIP to fund business growth.