Don’t miss the latest developments in business and finance.

Axis Bank raises Rs 3500 crore

Image
Capital Market
Last Updated : Jun 29 2017 | 10:01 AM IST

Through issue of Basel III compliant AT 1 Debentures on private placement basis

Axis Bank announced that the Board of Directors have approved the allotment of 35,000 Unsecured Subordinated Perpetual Additional Tier 1 Basel III compliant Non-convertible Debentures (Sr-28) of the FV of Rs.10 lakh each for cash at par aggregating to Rs.3,500 crore, on a private placement basis.

The Bank has successfully issued Rs.3,500 crore Basel III compliant AT 1 (Additional Tier 1) Debentures today through private placement to augment the Tier 1 capital base. The perpetual Debentures with a 5 year call are priced at a fine coupon rate of 8.75%.

The said Debentures are rated 'CRISIL AA+/Stable' by CRISIL, 'ICRA AA+(hyb)' by ICRA and 'IND AA+' by India Ratings & Research.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

More From This Section

First Published: Jun 29 2017 | 9:41 AM IST

Next Story