The Hindu Business Line : Axis Bank to raise Rs 2,000 cr

Mumbai, June 16 Axis Bank is planning to raise Rs 2,000 crore via unsecured redeemable non-convertible subordinated debentures (Lower Tier-II) of 10-year tenure, on private placement basis, at a coupon rate of 9.15 per cent.

The private sector bank, on Tuesday, informed the Bombay Stock Exchange that its board of directors has passed a resolution approving the allotment of debentures.

As per the bank’s filing to the stock exchange, the core size of the debenture issue is Rs 1,500 crore plus a greenshoe option up to Rs 500 crore.

The face value and issue price of each debenture is Rs 10 lakh.

The minimum application size is one debenture and in multiples of one debenture thereafter. The issue, which will be redeemed at par at the end of 120 months from the date of allotment, has been rated ‘AAA’ by CARE and ‘AAA (ind)’ by Fitch.

The debentures will be listed on the Bombay Stock Exchange and the National Stock Exchange in India.

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