Axis Bank Loses Morning Gains

Axis Bank mulls to raise around Rs 5,000 crore through unsecured redeemable non-convertible subordinated debentures of face value Rs 10 lakh each for cash, the bank said in a filing to the exchange.  

The board of the bank will consider the proposal to issue and allot the securities to prospective investors. Axis Bank was touched intraday high of Rs 512.25 per share higher in the morning hour, but slipped thereafter. The stock is currently trading almost flat at Rs 508 per share.

Meanwhile, Bank Nifty is trading higher by around 0.5% at 23,578 level. All the PSU Bank stocks have been trading in positive territory with marginal gains in the Tuesday’s trading session. Axis Bank has attracted trading volume of 8,71,668 shares and traded value of Rs 44.46 crore as of 1230 hours on Tuesday.

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