Private sector Axis Bank will raise USD 10 million (about Rs 67 crore) by issuing floating rate bonds from its Dubai International Financial Centre (DIFC) branch.
The board of directors of the bank passed the resolution to this effect today.
"Board of Directors has passed a resolution approving allotment of 3 years senior floating rate notes aggregating to USD 10 million, under the bank's MTN programme through its DIFC branch," the bank said in a regulatory filing.
A medium term note (MTN) offers investors higher coupon rate than short-term notes.
Corporates float these bonds for constant cash flow. It allows a company to tailor its debt issuance to meet its financing needs.
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