Shares of Axis Bank gain

MUMBAI, Aug 21 (Business Standard): Shares of Axis Bank were trading nearly 2 per cent higher at Rs 400 after the bank's board approved raising funds through private placement.
The board of directors of the bank at its meeting held on Thursday has approved issuance of long term bonds/non-convertible debentures upto Rs 60 billion on a private placement basis, Axis Bank said in a release to the stock exchange.
The approval of shareholders of the Bank in terms of the provisions of Companies Act, 2013 is proposed to be obtained by way of Postal Ballot.
The stock opened at Rs 397 and touched a high of Rs 402 so far. Over 3.8 million shares were traded on the BSE and NSE so far.