Axis Bank raises Rs12,000 crore via bonds

14 Dec 2022 , 10:12 AM

The Committee of Whole-time Directors of Axis Bank Limited, has approved the allotment of 12,000 unsecured, rated, listed, subordinated, taxable, nonconvertible, Basel III compliant Tier II bonds (Series – 30) of the face value of Rs. 1 crore each (“Bonds”), for cash, at par aggregating to Rs12,000 crore at a coupon rate of 7.88% p.a. payable annually, on a private placement basis.

The said Bonds are rated “AAA/Stable” by India Ratings and Research Private Limited and AAA/Stable by ICRA Limited, the company said.

Further, as per the terms of the issuances, Interest will be payable annually on December 13th each year till maturity. The Bonds are redeemable at par at the end of 10 years (redemption date being December 13, 2032), the Bank mentioned.

On Wednesday, at around 10:14 AM, Axis Bank Ltd is currently trading at Rs946.85 per share up by Rs2.25 or 0.24% from its previous closing of Rs944.60 per share on the BSE.

The scrip opened at Rs945 per share and has touched a high and low of Rs949 per share and Rs942.85 per share respectively so far today. The current market cap of the company is Rs2,90,375.55 crore.

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