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Axis Bank share price gains as it begins issuing securities under Rs 35,000-crore debt-raise plan

The bank has initiated the process of issuing of debt instruments in the form of the additional tier 1 notes in foreign currency, subject to market conditions, the lender said

August 30, 2021 / 02:16 PM IST
Axis Bank (Representative image)

Axis Bank (Representative image)

 
 
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Axis Bank share price gained over 2 percent as the private lender began issuing debt securities under a Rs 35,000-crore debt raise plan.

The bank said on August 30 it started issuing securities under the debt-raise plan announced earlier this year.

The private sector lender's board had in April approved a capital-raise proposal of 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 had approved the plan at the 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.

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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 Singapore Exchange Limited (SGX) and the International Securities Market (ISM) were about the offering. "The notes will not be offered or sold in India under the applicable laws," it added.

The stock was trading at Rs 773.40, up Rs 20.90, or 2.78 percent. It has touched an intraday high of Rs 774.80 and an intraday low of Rs 754.

The scrip was trading with volumes of 285,479 shares, compared to its five- day average of 111,591 shares, an increase of 155.83 percent.
Moneycontrol News
first published: Aug 30, 2021 02:16 pm
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