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Axis Bank has completed the pricing of its overseas AT-1 bonds to raise $600 million.
“We are pleased to inform that the Bank, acting through its GIFT City branch, has completed the pricing of its US dollar denominated Basel III Additional Tier 1 Notes,” it said in a stock exchange filing.
The coupon rate for the bonds have been set at 4.10 per cent per annum.
Also read: RBI imposes ₹25 lakh penalty on Axis Bank
“The proceeds of the Notes will be used towards financing or refinancing, in whole or in part, new or existing Eligible Green Project Categories and Eligible Social Project Categories under the Issuer’s Sustainable Financing Framework,” it further said.
The private sector lender had on August 30 said it has initiated the process of issuing of the debt instruments, in the form of the AT-1 1 Notes in foreign currency, subject to market conditions.
“This will be a sustainable bond under the Sustainable Financing Framework of the bank. The issuance is part of the existing Global Medium Term Notes programme of the bank,” it had said at the time.
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