Private sector lender Axis Bank on Tuesday, December 13, said it has raised Rs 12,000 crore by issuing bonds at a coupon rate of 7.88 percent. The funds have been raised by issuing Basel-III-compliant tier II bonds. "The Committee of Whole-time Directors of the bank has today 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, for cash, at par aggregating to Rs 12,000 crore at a coupon rate of 7.88% p.a. payable annually, on a private placement basis," the lender said.
The bonds carry a coupon rate of 7.88 percent payable annually on a private placement basis. Also, the bonds would be listed in the National Stock Exchange of India Ltd and BSE Ltd, the bank said in an exchange filing.
The bonds are redeemable at the end of 10 years (the redemption date is December 13, 2032), the bank said. There are no special rights or privileges attached to the bonds, it said. "The said bonds are rated 'AAA/Stable' by India Ratings and Research Private Ltd and AAA/Stable by ICRA Ltd," it added.
Shares of Axis Bank Ltd ended at Rs 944.60, up by Rs 5.75, or 0.61 percent on the BSE.
