AXIS Bank Limited is reportedly seeking to raise around $1 billion this week in order to strengthen its balance sheet, according to two people involved in the deal. Axis is seeking to raise around $877 million by selling 34 million shares to institutional investors around $25.84 per share, one of the people said. It plans to raise an additional $152 million from some existing shareholders by selling shares on a preferential basis at the same price, another person said.

The deal is being managed by Citigroup Inc., J.P. Morgan Chase & Co., and Axis Capital Ltd., two people said ahead of a formal announcement.