 "Axis Bank plans to raise Rs 35,000 crore to fund business growth")
Private sector lender Axis Bank Friday said it plans to raise Rs 35,000 crore debt instrument, including in foreign currency, to fund business growth.
The decision in this regard will be taken at the annual general meeting held on July 20.
The board has already given an approval to raise funds in Indian or foreign currency by issue of debt instruments including but not limited to long-term bonds, non-convertible debentures, perpetual debt instruments and tier-II capital bonds up to an amount of Rs 35,000 crore, Axis Bank said in a regulatory filing.
The bank has reported a net profit of Rs 1,505 crore for the March quarter of 2018-19 as against a net loss of Rs 2,188 crore in the corresponding quarter of the previous fiscal.
Gross non-performing assets as percentage of loans has declined to 5.26 per cent in the March quarter of 2018-19, from 6.77 per cent in the year-ago period.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%