By Devika Patel
Knoxville, Tenn., March 30 - Axis Bank Ltd. said its board of directors approved an issue of Rs. 2 billion of unsecured redeemable non-convertible subordinated tier II debentures.
The 10-year debentures will accrue interest at 9.95% per year and priced at par of Rs. 1 million.
The debentures will be listed on the Bombay Stock Exchange and the National Stock Exchange in India.
Axis is a Mumbai, India-based bank.
| Issuer: | Axis Bank Ltd.
|
| Issue: | Unsecured redeemable non-convertible subordinated tier II debentures
|
| Amount: | Rs. 2 billion
|
| Maturity: | 10 years
|
| Coupon: | 9.95%
|
| Price: | Par of Rs. 1 million
|
| Yield: | 9.95%
|
| Announcement date: | March 30
|
| Ratings: | Fitch: AAA
|
| CARE: AAA
|
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