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Private sector lender Axis Bank announced today that it has started issuing debt securities as part of its ??Plan to increase the debt by 35,000 crore announced earlier this year.
In April, the private sector lender said its board of directors had approved a proposed capital increase of up to ??35,000 crore by issuing various debt securities in Indian or foreign currencies in domestic / foreign markets in one or more installments.
The bank’s shareholders approved the proposal at the bank’s annual general meeting in July.
“We would like to inform you that the Bank has initiated the process of issuing debt instruments, in the form of Additional Category 1 Bonds (“ Bonds ”) in foreign currencies, subject to market conditions. This will be a lasting bond under the Bank’s sustainable financing framework. The issue is part of the Bank’s existing Global Medium Term Notes (“GMTN”) program. The GMTN program offering circular has been updated on Singapore Exchange Limited (SGX) and the international securities market (ISM), ”Axis Bank said in a regulatory filing.
“The Notes will not be offered or sold in India under applicable laws, including the Companies Act 2013, as amended,” he added.
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