Axis Bank on Monday said it has started issuing debt securities under its Rs 35,000 crore-debt raise plan announced earlier this year.
In April, the private sector lender had said that its board had approved capital raise proposal up to Rs 35,000 crore by issuing various debt instruments in Indian or foreign currency in domestic/overseas markets in one or more tranches.
The shareholders of the bank had approved the proposal in bank's annual general meeting 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 said in a regulatory filing.
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, it said.The lender said the offering under the GMTN has been informed 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.