Axis Bank mulls $1.3 billion share sale

Axis Bank is considering raising at least $1.3 billion through a share sale to institutional investors, people with knowledge of the matter said, as the lender seeks to bolster capital ratios and expand lending capacity.

The country’s third-largest private sector lender, led by Chief Executive Officer Amitabh Chaudhry, is talking to potential advisers about the fund-raising, according to the people. The bank plans to seek board approval for the sale as early as next month, the people said, asking not to be identified as the information is private.

The deal would help the Mumbai-based lender enhance risk buffers and support loan growth.