Axis Bank to raise up to Rs 1,800 crore via debentures

Private sector lender Axis Bank today said it proposes to raise up to Rs 1,800 crore from debentures to fund business expansion.
The bank will raise funds by issuing unsecured redeemable non-convertible subordinated debentures of the face value of Rs 10 lakh each for cash at par aggregating to Rs 1,800 crore, Axis Bank said in a regulatory filing to the stock exchanges.
These debentures would be Basel III compliant, it said.
The Board will consider the proposal to issue and allot the above securities through circular resolution.