Axis Bank plans to raise ₹35,000 crore

Private sector lender Axis Bank on Friday said it plans to raise ₹35,000 crore debt instrument, including in foreign currency, to fund business growth.

The decision in this regard will be taken at the annual general meeting held on July 20.

The board has already given an approval to raise funds in Indian or foreign currency by issue of debt instruments including but not limited to long-term bonds, non-convertible debentures, perpetual debt instruments and tier-II capital bonds up to an amount of ₹35,000 crore, Axis Bank said in a regulatory filing.

The bank has reported a net profit of ₹1,505 crore for the March quarter of 2018-19 as against a net loss of ₹2,188 crore in the corresponding quarter of the previous fiscal.

Gross non-performing assets as percentage of loans has declined to 5.26% in the March quarter of 2018-19, from 6.77% in the year-ago period.