QIP and preferential allotment

Qualified institutions placement ("QIP") and preferential allotment by Axis Bank Limited

(the "Bank") under the provisions of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("ICDR Regulations")

Dear Sirs,

We wish to inform you that, in respect of issue of equity shares to qualified institutional buyers (as defined under Regulation 2(1) (zd) of the ICDR Regulations) under the QIP, the Committee of Directors authorized by the Board of the Bank has, at its meeting held on 31st January, 2013 decided to close the bid period.

The committee of the Board approved discount of Rs. 8.56 (0.61%) to the floor price of Rs. 1,398.56 in accordance with the approval of the shareholders accorded on January 28, 2013 and Regulation 85(1) of the ICDR Regulations. Accordingly, the issuance of 34,000,000 equity shares under the QIP was approved at an issue price of Rs.1,390 per equity share (including a premium of Rs. 1,380 per Equity Share), aggregating up to Rs. 47,260 million (Rupees Forty Seven Thousand Two Hundred and Sixty million only).

The shareholders of the Bank in the resolution through postal ballot approved on January 28, 2013, a preferential allotment of up to 6,057,444 equity shares to promoters. The Bank is proposing to make a preferential allotment of up to 5,837,945 equity shares at a price of Rs.1,390 per equity share (which is equivalent to the price at which equity shares under the QIP are currently being offered) to Life Insurance Corporation of India, General Insurance Corporation of India, The New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.

The Certified copies of the resolutions passed by the committee of the Board on 31st January, 2013 are also enclosed for your information and records.