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

New Delhi: Private sector lender Axis Bank on Thursday said it plans to raise up to Rs 4,175 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.

“The committee of whole-time directors of the Bank, today approved the allotment of 41,750 senior unsecured redeemable non-convertible debentures of the face value of Rs 10 lakh each, for cash, at par aggregating to Rs 4,175 crore,” Axis Bank said in a regulatory filing. The coupon rate for the issue will be 7.65 per cent per annum, the filing added.

The said debentures rated ‘AAA/Stable’ by rating agencies CRISIL and ICRA, will be listed on the wholesale debt market segment of BSE and NSE, the filing said. The shares of Axis Bank were trading at Rs 729.80 a piece on BSE, down 0.75 per cent from the previous close.