Axis Bank on Monday said it proposed to raise funds by offering 4.58 crore shares through various means, including qualified institutional placement (QIP) or global depository receipt (GDR). The board of the bank has also approved to increase the authorised share capital of the bank from Rs.500 crore to Rs.850 crore, Axis Bank said in a BSE filing.

Shares of Axis Bank closed at Rs.1,359.75, up 0.5 per cent on the BSE. The bank would be able to raise about Rs.6,228 crore at Monday’s closing price.

The board approved to raise Tier-I capital of the bank by the issue of equity shares not exceeding 4.58 crore equity shares through GDRs or QIP issue and preferential issue to promoters of the bank. The decision will be subject to approval of shareholders, the Reserve Bank of India and other regulatory authorities as may be required, it added.

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