Axis Bank, a private sector lender, revealed today that it has begun issuing debt instruments under a $35,000 crore debt-raising strategy unveiled earlier this year.
The private sector lender announced in April that its board of directors had approved a capital raise proposal of up to 35,000 crore by issuing various financial instruments in Indian or foreign currency in local and international markets in one or more tranches.
The plan was adopted by the bank's shareholders during its annual general meeting in July. “We are writing to inform you that, subject to market conditions, the Bank has begun the process of issuing debt instruments in the form of Additional Tier 1 Notes ("Notes") in foreign currency. Under the Bank's Sustainable Financing Framework, this will be a sustainable bond. The transaction is part of the Bank's existing Global Medium Term Notes ("GMTN") programme. The GMTN Offering Circular has been revised on the Singapore Exchange Limited (SGX) and the International Securities Market (ISM)," according to a regulatory filing by Axis Bank.
Under the applicable rules, including the Companies Act, 2013, as amended, the notes would not be issued or sold in India," it stated.
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