MUMBAI Jan 16 India's Axis Bank Ltd
has picked JPMorgan Chase & Co and Citigroup Inc
for a share sale to raise up to $1 billion, three sources with
direct knowledge of the deal said on Wednesday.
Axis Bank's share offering to institutional investors is
likely to be launched in two to three weeks depending on market
conditions, two of the sources said, declining to be named as
the details of the deal are not public yet.
Proceeds from the offering will be used to boost the bank's
balance sheet, the sources said, adding Axis Bank's investment
banking unit, Axis Capital, is also one of the advisors on the
Axis Bank passed an enabling resolution to raise $1 billion
through equity in December. The bank will take a decision on
fund raising in "due course of time," its executive director
Somnath Sengupta told reporters on a conference call after its
earnings report on Tuesday, without giving details.
Sengupta could not immediately be reached for comment on