Axis Bank gains ahead of expected share sale

Mon Jan 28, 2013 2:42pm IST

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Reuters Market Eye - Shares in Axis Bank (AXBK.NS) gain 3 percent on expectations that its up to $1 billion share sale will attract solid demand.

Axis is expected to launch its share sale via a qualified institutional placement (QIP) as early as on Monday, according to multiple dealers.

"Axis Bank's QIP would easily get oversubscribed as its fundamentals are good. Money raised via QIP would translate into 10 times of credit growth for the bank," said G Chokkalingam, CIO, Centrum Wealth Management.

Axis Bank trades at 1.8 times 12 month forward price-to-book, compared to ICICI Bank (ICBK.NS) that trades at 1.9 times and HDFC Bank (HDBK.NS) at 3.9 times, according to Thomson Reuters StarMine data.

(Reporting by Abhishek Vishnoi)

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