November 7, 2017 / 3:33 PM / 4 months ago

Axis Bank to consider fundraising plan on Nov 10

MUMBAI (Reuters) - India’s Axis Bank will hold a board meeting on Friday to consider raising funds through a sale of shares or equity-linked securities, it said on Tuesday.

Axis Bank's logo is seen next to ATM machines at its corporate headquarters in Mumbai, India July 25, 2017. REUTERS/Danish Siddiqui/files

Any fundraising approved by its board would be put to shareholders for a vote, India’s seventh-biggest lender by assets said in a stock exchange filing.

It did not provide further details.

Reports in the Indian media have said the bank was looking to raise as much as $1 billion from a group of investors after an increase in bad loans. The reports have named U.S. buyout group Bain Capital, Singapore state investor GIC and Canada Pension Plan Investment Board among potential investors.

Reporting by Sankalp Phartiyal and Devidutta Tripathy; Editing by David Goodman

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