Axis Bank announces will raise up to Rs 5,000 crore by issuing bonds

Axis Bank on Monday said it will raise up to Rs 5,000 crore by issuing bonds.

In April this, the board of directors of Axis Bank had authorised it to borrow/raise funds in Indian currency/foreign currency by issue of debt instruments, perpetual debt instruments, AT 1 bonds, infrastructure bonds and Tier II capital bonds among others up to an amount of Rs 35,000 crore.

"We now wish to inform you that the bank proposes to raise funds by issuing senior unsecured taxable redeemable non- convertible debentures of Rs 10 lakh each for cash at par with base issue size of Rs 2,000 crore and green-shoe option to retain over-subscription of Rs 3,000 crore thereby aggregating up to Rs 5,000 crore," Axis Bank said in a regulatory filing.

Stock of Axis Bank traded at Rs 663.25 apiece on the BSE, down by 3.74 per cent from previous close.