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Supporters holding flags of ruling Congress party leave after attending an election campaign rally by Rahul Gandhi at Hardoi district in Uttar Pradesh January 28, 2012. REUTERS/Adnan Abidi/Files

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Axis picks advisors for up to $1 billion share sale: sources

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An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai July 17, 2012. REUTERS/Vivek Prakash/Files

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai July 17, 2012.

Credit: Reuters/Vivek Prakash/Files

MUMBAI | Wed Jan 16, 2013 5:44pm IST

MUMBAI (Reuters) - Axis Bank Ltd(AXBK.NS) has picked JPMorgan Chase & Co(JPM.N) and Citigroup Inc(C.N) for a share sale to raise up to $1 billion, three sources with direct knowledge of the deal said on Wednesday.

Axis Bank's share offering to institutional investors is likely to be launched in two to three weeks depending on market conditions, two of the sources said, declining to be named as the details of the deal are not public yet.

Proceeds from the offering will be used to boost the bank's balance sheet, the sources said, adding Axis Bank's investment banking unit, Axis Capital, is also one of the advisors on the deal.

Axis Bank passed an enabling resolution to raise $1 billion through equity in December. The bank will take a decision on fund raising in "due course of time," its executive director Somnath Sengupta told reporters on a conference call after its earnings report on Tuesday, without giving details.

Sengupta could not immediately be reached for comment on Wednesday.

(Reporting by Indulal P.M. and Sumeet Chatterjee in MUMBAI; additional reporting by Swati Pandey; Editing by Rafael Nam)
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