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.
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