BackAxis Bank begins issuing debt securities under ₹35,000 crore-debt raise plan
Axis Bank shareholders had approved the proposal in the bank's annual general meeting in July
PremiumPrivate sector lender Axis Bank today said it has started issuing debt securities under its ₹35,000 crore-debt raise plan announced earlier this year.
In April, the private sector lender had said that its board had approved a capital raise proposal up to ₹35,000 crore by issuing various debt instruments in Indian or foreign currency in domestic/overseas markets in one or more tranches.
The shareholders of the bank had approved the proposal in the bank's annual general meeting in July.
“We wish to inform you that the Bank has initiated the process of issuing of the debt instruments, in the form of the Additional Tier 1 Notes (“Notes") in foreign currency, subject to market conditions. This will be a sustainable bond under the Sustainable Financing Framework of the Bank. The issuance is part of the existing Global Medium Term Notes (“GMTN") programme of the Bank. The Offering Circular for the GMTN programme has been updated on Singapore Exchange Limited (SGX) and the International Securities Market (ISM)," Axis Bank said in a regulatory filing.
“The notes will not be offered or sold in India under the applicable laws, including the Companies Act, 2013, as amended," it added.
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