AXIS Bank Ltd to issue Additional Tier 1 Notes in foreign currency

AXIS 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. This will be a sustainable bond under the Sustainable Financing Framework of the Bank.

The issuance is part of the existing Global Medium Term Notes ('GMTN') programme of the Bank. The Offering Circular for the GMTN programme has been updated on Singapore Exchange Limited (SGX) and the International Securities Market (ISM).

The Board of Directors of the Bank had earlier at its meeting dated April 27, 2021, authorized the Bank to borrow / raise funds in Indian currency / foreign currency by issue of debt Instruments including but not limited to long term bonds, non-convertible debentures, perpetual debt instruments, AT 1 bonds, infrastructure bonds and Tier II capital bonds or such other debt securities as may be permitted under the guidelines issued by the Reserve Bank of India, from time to time, up to an amount of Rs. 35,000 crores (Rupees Thirty Five Thousand crores only) in domestic and overseas markets, in one or more tranches in terms of Section 42 of the Companies Act, 2013 read with relevant rules notified thereunder, the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 [now Securities and Exchange Board of India (Issue and Listing of Non-convertible Securities) Regulations, 2021] and the Listing Regulations, which have been passed by the Shareholders with the requisite majority, at their 27th AGM held on July 30, 2021.

Shares of AXIS Bank Ltd. was last trading in BSE at Rs. 752.5 as compared to the previous close of Rs. 746.15. The total number of shares traded during the day was 130998 in over 3131 trades.

The stock hit an intraday high of Rs. 759.55 and intraday low of 740.95. The net turnover during the day was Rs. 98464235.

Source : Equity Bulls

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