Axis Bank said its board of directors today approved the allotment of 35,000 unsecured, subordinated, perpetual, additional tier-I, Basel III compliant non-convertible debentures.
The bonds of face value of Rs 10 lakh each for cash would aggregate to Rs 3,500 crore, the bank said in a regulatory filing.
The bonds will be listed on BSE and NSE.
"The said debentures are rated 'AA+' by India Ratings & Research Pvt Ltd 'AA (stable)' by Crisil Ltd," Axis Bank said.
Stock of the company closed at Rs 3.23 per cent up at Rs 466.95 on BSE.
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