Axis Bank on Monday mentioned it has began issuing debt securities beneath its Rs 35,000 crore-debt increase plan introduced earlier this yr.
In April, the personal sector lender had mentioned that its board had permitted capital increase proposal as much as Rs 35,000 crore by issuing numerous debt devices in Indian or international foreign money in home/abroad markets in a number of tranches.
The shareholders of the financial institution had permitted the proposal in financial institution’s annual basic assembly in July.
“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,” Axis Bank mentioned in a regulatory submitting.
This will likely be a sustainable bond beneath the sustainable financing framework of the financial institution.
The issuance is a part of the prevailing world medium time period notes (GMTN) programme of the financial institution, it mentioned.
The lender mentioned the providing beneath the GMTN has been knowledgeable to Singapore Exchange Limited (SGX) and the International Securities Market (ISM).
“The notes will not be offered or sold in India under the applicable laws,” it added.
