Axis Bank to issue 10-year Tier-II bonds to raise Rs 1,000 cr

The bonds are rated AAA by ICRA and India Ratings. Credit: Reuters Photo

Axis Bank Ltd plans to raise at least Rs 1,000 crore ($121.47 million) through the sale of Basel III-compliant Tier-II bonds maturing in 10 years, three merchant bankers said on Wednesday.

The private lender has invited coupon and commitment bids from bankers and investors on Friday, they said.

The bonds are rated AAA by ICRA and India Ratings.

The issue, which will close for subscription next week, has a greenshoe option to retain an additional Rs 1,100 crore.

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