The private bank said that it has fixed the coupon rate of its $600 million additional tier- I (AT-1) bonds at 4.10% per annum.
The bank said that the US dollar-denominated, direct, subordinated, unsecured, Basel III compliant, additional tier-1 (AT-1) notes are rated B1(hyb) by Moody's Rating Services.
The perpetual notes will be listed on SGX-ST/ISM/INDIA INX IFSC/NSE IFSC.
The notes have not been and will not be, offered or sold to any person resident in India, the bank said.
The proceeds of the notes will be used towards financing or refinancing, in whole or in part, new or existing eligible green project categories and eligible social project categories under the issuer's sustainable financing framework.
On Monday (30 August 2021), Axis Bank said that it has initiated the process of issuing of the debt instruments, in the form of the Additional Tier-1 (AT-1) Notes in foreign currency.
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On 27 April 2021, the board of Axis Bank had authorized the bank to borrow/raise funds in Indian currency/foreign currency by issue of debt Instruments including but not limited to long term bonds, non-convertible debentures, perpetual debt instruments, AT-1 bonds, infrastructure bonds and Tier-II capital bonds or such other debt securities as may be permitted under the guidelines issued by the Reserve Bank of India, from time to time, up to an amount of Rs 35,000 crore in domestic and overseas markets, in one or more tranches.
The resolution for the same was passed by the bank's shareholders at its 27th annual general meeting (AGM) held on 30 July 2021.
Axis Bank is a private sector bank offers the entire spectrum of financial services to customer segments covering large and mid-corporates, MSME, agriculture and retail businesses. As on 30 June 2021, the bank had a network of 4,528 domestic branches and extension counters situated in 2,559 centres.
The private sector bank reported a 94.2% jump in standalone net profit to Rs 2,160 crore on a 2.4% rise in total income to Rs 19,591 crore in Q1 FY22 over Q1 FY21.
The scrip rose 0.26% to currently trade at Rs 800.55 on the BSE.
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