Axis Bank to raise Rs 1,500 cr from bonds

Private sector lender Axis Bank today said it would raise Rs 1,500 crore through bonds to fund its business growth.

The board has passed a resolution approving allotment of unsecured redeemable non-convertible subordinated debentures on private placement basis as the bank's Lower Tier II capital aggregating to Rs 1,500 crore (including green shoe option of Rs 500 crore), Axis Bank informed the Bombay Stock Exchange (BSE).

Allotment of the debentures will be listed on the BSE and the National Stock Exchange, it said.

The bank will pay a coupon rate of 9.73% a year on the bond having tenure of 10-year, it said.