
Axis Bank rises over 2% on acquisition of Citibank's India consumer biz
The homegrown bank has completed the acquisition of Citibank’s India consumer and non-banking finance businesses for ₹12,325 crore.
The homegrown bank has completed the acquisition of Citibank’s India consumer and non-banking finance businesses for ₹12,325 crore.
Axis Bank has reported a 62% YoY rise in its net profit at ₹5,853 crore in Q3 FY23, aided by improvement in operating metrics and asset quality.
Axis Bank's provision, contingencies stand at ₹1,438 cr, including non-recurring, one-time provisions of ₹340 cr. Its specific 'loan loss provisions' are at ₹1,341 cr.
The revision in agreement comes after IRDAI asked the entities to revise their pact to buy Max Financial’s balance stake at “fair market value” to comply with its norms.
The private lender plans to raise funds by issuing unsecured, rated, listed, subordinated, taxable, non-convertible, Basel III compliant Tier II bonds
The specified undertaking of the unit trust of India (SUUTI), under the government of India, will sell 4,65,34,503 equity shares or 1.55% stake in the private lender.
Shares of Tata Steel, Larsen & Toubro, and Bharti Airtel fell up to 3% as investors reacted to their respective quarterly earnings reports.
Bain Capital to sell a 1.24% stake in Axis Bank at a floor price of ₹888 per share, a discount of 2% to Monday’s closing price.
Axis Bank reported a consolidated profit of ₹5,625 crore in Q2 FY23, up 66% YoY; NII grew 31% year-on-year to ₹10,360 cr.
In the near term, the BSE Sensex is expected to cross the 66,000 mark, while the NSE Nifty is projected to hit the 20,000 level.