By Devika Patel
Knoxville, Tenn., June 17 - Axis Bank Ltd. said its board of directors approved an issue of Rs. 15 billion of unsecured redeemable non-convertible subordinated lower tier 2 debentures in a private placement.
The debentures will accrue interest at 9.15% and will mature in 10 years. They will be sold in Rs. 1 million increments.
There is a Rs. 5 billion greenshoe.
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 lower tier 2 debentures
|
| Amount: | Rs. 15 billion
|
| Greenshoe: | Rs. 5 billion
|
| Maturity: | 10 years
|
| Coupon: | 9.15%
|
| Price: | Par of Rs. 1 million
|
| Yield: | 9.15%
|
| Announcement date: | June 17
|
| Rating: | Fitch: AAA
|
| CARE: AAA
|
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