Axis Bank plans to raise up to Rs 4,175 crore via NCDs

Axis Bank, the third-largest private sector bank in India, informed on Thursday that they are planning to raise up to Rs 4,175 crore by issuing Non-Convertible Debentures (NCDs) on a private-placement basis.

In a regulatory filing, Axis Bank said that the committee of whole-time directors of the bank today approved the allotment of 41,750 senior unsecured redeemable NCDs with a face value of Rs 10 lakh each, for cash, at par aggregating to Rs 4,175 crore.

The filing added that the coupon rate for the issue would be 7.65 per annum. It also said that the debentures are rated AAA/Stable by Credit Rating Information Services of India Limited (CRISIL) &Information and Credit Rating Agency (ICRA) both, and will be listed on the wholesale debt market segment of BSE and NSE.

At 2.26 pm on Thursday, the stock of Axis Bank is trading at Rs 730.35, down by 0.68 per cent against its previous close of Rs 735.35. Its 52-week high is recorded at Rs 826.55 and its 52-week low is Rs 622.60 on BSE.