Axis Bank raises Rs 3,500 cr through bonds

Private sector Axis Bank has raised Rs 3,500 crore by allotting bonds on a private placement basis.

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.