Axis Bank, the country's third largest private sector lender, hiked its lending rates on Wednesday by a marginal 5 basis points (100bps = 1 percentage point). The bank informed the stock exchanges that it has increased its benchmark marginal cost of lending rate (MCLR) by 5 basis points across all tenures with effect from January 18. The one-year MCLR, at which rate its home loans and other important products are priced, will now stand at 8.30%, the bank said.

Private lender Axis Bank has been in a tight spot for over a year now for more reasons than one, some of which, the bank considers, could have been easily prevented. The Securities and Exchange Board of India’s (Sebi’s) probe into the alleged loopholes in its operations to stop information leaks was the latest.

There were instances of security breaches in some of its branches while handling cash transactions in December 2016. More than 19 employees were suspended for flouting norms.

In its first order in the WhatsApp leak case, regulator Sebi today ordered Axis Bank to strengthen its systems and conduct an internal probe to fix responsibility as the initial investigation showed the leakage due to "inadequacy" of processes at the bank.

ICICI Bank and Axis Bank, two of the country’s largest private sector lenders, on Wednesday revised interest rates on their bulk deposits. ICICI Bank increased rates on deposits of between Rs 1 crore and Rs 100 crore, maturing between one year and 389 days by 10 basis points (bps) to 6.6%. On the other hand, the rate on deposits larger than Rs 100 crore and maturing between one year and 389 days was reduced to 6.6% from 6.75% earlier. Both moves reverse rate actions taken by the bank on Saturday.

Axis Bank's shareholders have approved mobilisation of Rs 11,626 crore through sale of shares and warrants to a group of investors, including Bain Capital and LIC, the private lender said on Friday.

The shareholders approved the fund-raising during an extraordinary general meeting (EGM) of the bank on Friday.

Axis Bank hit a fresh 52-week high of Rs 565, up 4% on the BSE in early morning trade, after the private lender's board of directors on Friday agreed raising of Rs 11,625 crore through the issue of preferential equity shares and convertible warrants to Bain Capital, Life Insurance Corporation of India (LIC) and others. The bank made announcement on Friday after market hours.

Axis Bank said it proposes to raise equity and equity-linked capital of Rs 11,626 crore from a set of marquee investors including entities affiliated with Bain Capital Private Equity and the Bank’s promoter Life Insurance Corporation of India.

Mumbai-based lender Axis Bank is set to raise Rs 11,626 crore ($1.8 billion) to further strengthen its capital base by selling shares and warrants to a group of investors, including Bain Capital and top Indian insurer Life Insurance Corp (LIC).

The private lender in a filing said its board had approved the sale of up to 172.63 million shares at Rs 525 each, and 45.36 million convertible warrants at Rs 565 each on a preferential basis.

Axis Bank hit a 52-week high of Rs 550, up 4% on the BSE in early morning trade, after the private sector lender said the board will meet on Friday, 10th November 2017 to consider fund raising plans.

“A meeting of the board of directors of Axis Bank will be held on Friday, 10th November 2017 at Mumbai, to inter-alia, consider raising of funds by issue of equity / equity linked securities through permissible mode at an appropriate time,” Axis Bank said in an exchange filing.

The principal bench of the National Company Law Tribunal (NCLT) in New Delhi has dismissed Axis Bank’s plea to stake a claim of Rs 397 crore in the ongoing corporate insolvency proceedings against Edu Smart Services. According to the order, Edu Smart was a corporate guarantor for its parent company Educomp Solutions, which had availed a loan from Axis Bank. The order was in response to a plea filed by Axis Bank after Edu Smart’s resolution professional (RP) rejected the bank’s claim filed under the Insolvency and Bankruptcy Code (IBC). The resolution professional informed the tribunal that Axis Bank had already claimed the amount of debt from the principal borrower — Educomp — but failed to disclose this in its application.

MUMBAI: Bain Capital is in advanced talks with Axis Bank to invest between $750 million and $1 billion (Rs 4,800-6,400 crore), in what could be one of the largest private equity investments in the Indian banking sector.

India’s third-biggest private lender is in talks to raise money amidst worsening asset quality and regulatory glare.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.