The private lender on Tuesday announced that its board has approved raising Rs 12,000 crore through allotment of non-convertible bonds at a coupon rate of 7.88% p.a. payable annually, on a private placement basis.
In an exchange filing, Axis Bank said that the committee of whole-time directors of the bank, has approved the allotment of 12,000 unsecured, rated, listed, subordinated, taxable, non-convertible, Basel III compliant tier II bonds (Series - 30) having a face value of Rs 1 crore each, for cash, at par aggregating to Rs 12,000 crore at a coupon rate of 7.88% p.a. payable annually, on a private placement basis.
The tenure of the instrument is 10 years from the date of allotment (maturity date being 13 December 2032).
The bonds are proposed to be listed on the NSE and BSE. There are no special rights/ privileges attached to the bonds, the bank said.
The said bonds are rated AAA/Stable by India Ratings and Research and AAA/Stable by ICRA.
Axis Bank is the third largest private sector bank in India. The bank's standalone net profit rose 70.1% to Rs 5,329.77 crore on 20.1% rise in total income to Rs 24,180.08 crore in Q2 FY23 over Q2 FY22.
Shares of Axis Bank rose 0.12% to Rs 945.75 on the BSE. The counter hit an all time high of Rs 949 in intraday today.
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