Axis Bank raises $500 million from bonds

Private sector lender Axis Bank today said it has raised $500 million (about Rs 2,250 crore) through bonds to fund its overseas expansion.

The board has passed a resolution approving the allotment of senior notes aggregating to $500 million under the MTN (Medium Term Note) programme, Axis Bank said in a filing on the Bombay Stock Exchange.

The funds have been raised from its DIFC Dubai branch. The notes will be listed at the Singapore Stock Exchange, it said.

The paper will be denominated in US dollars, and will bear fixed interest of 5.125% a year, with interest payable semi-annually in arrears, it said.

 

The bank will apply the net proceeds to fund its operations overseas, it said.