Private sector lender Axis Bank is planning to raise up to Rs 4,175 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.
“The committee of whole-time directors of the Bank, today approved the allotment of 41,750 senior unsecured redeemable non-convertible debentures of the face value of Rs 10 lakh each, for cash, at par aggregating to Rs 4,175 crore,” said Axis Bank in a regulatory filing.
The coupon rate for the issue will be around 7.65 percent per annum, the filing revealed. The said debentures rated ‘AAA/Stable’ by rating agencies CRISIL and ICRA, will be listed on the wholesale debt market section of BSE and NSE, the filing mentioned.
At 3:30 pm on Thursday, the stock of Axis Bank is trading at Rs 730.90, down by 0.59 percent against its previous close of Rs 735.35. Its 52-week high is recorded at Rs 826.55 and its 52-week low is Rs 622.60 on BSE