Axis Bank eyes raising Rs35,000 crore to fund expansion
Axis Bank, in its annual report, said it may need to raise additional funds in one or more tranches from Indian and overseas markets to maintain its capital to risk weighted assets ratio
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New Delhi: Private sector Axis Bank Ltd has planned a capital raise of up to Rs35,000 crore in about a year’s time in line with its growth projection in domestic as well as overseas operations.
In its annual report for 2016-17, Axis Bank said it may need to raise additional funds in one or more tranches from Indian as well as overseas markets to maintain its capital to risk weighted assets ratio (CRAR).
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The country’s third largest private sector lender said it may issue debt securities denominated in Indian rupees or any other permitted foreign currency including long term bonds, green bonds, non-convertible debentures on a private placement basis during the period of one year from the date of passing of the special resolution.
The board of directors at its meeting held on 26 April 2017 had approved the fund raise plan. Axis Bank said the planned money raise is “for an amount not exceeding Rs35,000 crore on a private placement basis during a period of one year from the date of passing of the special resolution.”
The bank will put the agenda before shareholders at the annual general meeting scheduled for 26 July 2017. The annual report also showed that the bank’s CEO Shikha Sharma had only a minimal increase in her gross salary at Rs5.82 crore during 2016-17, up 5.9% from the previous fiscal.
She took home an annual salary of Rs5.50 crore in 2015- 16. In her message to shareholders, Sharma said 2016-17 was a tough year and the bank dedicated a large part of the year to solve bulk of the issues, fortify the balance sheet and refocus on core and lasting strengths.
Stock of Axis Bank closed 0.83% down at Rs507.55 on BSE on Wednesday.