Private sector lender Axis Bank Ltd on Friday said it is planning to raise funds by issuing unsecured, subordinated, perpetual, additional tier-1, Basel III compliant Non-Convertible Debentures (Series - 28) for cash at par aggregating to Rs 3,500 crore.
In a filing to the Bombay Stock Exchange, the bank said, “The bank proposes to raise funds by issuing unsecured, subordinated, perpetual, additional tier-1, Basel III compliant Non-Convertible Debentures (Series - 28) of the face value of Rs 10 lakh each for cash at par aggregating to Rs 3,500 crore.”
The Board of Directors of the Bank will consider the proposal to issue and allot the above securities through Circular Resolution, it added.
Meanwhile, shares of the bank closed at Rs 504.60 apiece, down 0.65 per cent, from previous close on BSE.