Axis Bank shares gain; stake sale attracts strong demand

MUMBAI Tue Jan 29, 2013 3:24pm IST

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

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MUMBAI (Reuters) - Axis Bank (AXBK.NS) rose as much as 3.7 percent to its highest intraday level in more than two years on Tuesday as dealers cited good demand for a share sale of up to $1 billion.

The private sector lender on Monday was planning to raise as much as $1 billion through a qualified institutional placement, sources with direct knowledge of the matter told Reuters.

Axis Bank shares were up 4.24 percent at 3:24 p.m. after earlier gaining to as much as 1,503.55 rupees/

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)

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