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Axis Bank board to meet up with on July 2 to explore fundraising

Mumbai: Axis Bank said on Monday its board will satisfy on Thursday to take a look at raising funds by way of shares or depository receipts.
The non-public lender did not specify the quantity it was wanting to increase, but stated the board will fulfill to take a look at the option of raising funds by issue of equity shares/ depository receipts or any other instruments or securities symbolizing both equity shares and/or convertible securities connected to equity shares like by certified institutions placement (QIP)/American Depository Receipts (ADRs)/Global Depository Receipts (GDRs) program, preferential allotment.
Also, the bank reported it has authorised the appointment of TC Suseel Kumar, running director, Life Insurance Corporation of India, promoter of the bank, as the further non-govt (nominee) director of the bank from July 1.
Independently, S&P World-wide Rankings on Friday reported it has lowered its rankings on Axis Bank to junk, reflecting the scores agency’s see that financial threats have enhanced for banks running in India.
The rankings agency downgraded Axis Bank’s issuer credit ranking to BB+/stable/B from BBB-/detrimental/A-3 earlier. It also downgraded the bank’s Dubai Worldwide Economic Centre department, Present city department and Hong Kong branches’ rankings to BB+ from BBB- earlier.
When a bond’s rating drops into the double-B group, it falls into the junk bond territory.

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