Axis Bank’s share price jumped 4.3% yesterday after the Indian bank’s qualified institutional placement QIP was significantly oversubscribed and sent investors scrambling for the stock in the secondary market.
The deal was completed in the early hours of yesterday morning Hong Kong time and raised Rs47.26 billion $877 million, which makes it largest equity deal out of India so far this year. The fact that the deal made money for investors would also be a welcome development after the disappointing performance of Bharti Infratel since its IPO in December.
In connection with the placement, Axis Bank will sell an additional $152 million worth of shares to...
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