Axis Bank likely to raise Rs 35,000 crore for funding business growth

Axis BankPrivate sector lender Axis Bank is planning to raise Rs 35,000 crore debt instrument, including in foreign currency, in a bid to fund business growth.

The decision pertaining to this crucial step is most likely to be taken during the annual general meeting to be held on July 20.

The bank’s board has already okayed the idea of fund raise 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 Rs 35,000 crore, said the bank in a regulatory filing.

During the March quarter of 2018-19, the bank reported a net profit of Rs 1,505 crore as compared to a net loss of Rs 2,188 crore in the corresponding quarter of the previous fiscal.

Further, the gross non-performing assets as percentage of loans have dropped to 5.26 percent in the March quarter of 2018-19, from 6.77 percent in the year-ago period.

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