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India’s Axis Bank plans Rs. 50 billion of subordinated debentures
By Susanna Moon
Chicago, June 15 – Axis Bank Ltd. notified the Bombay Stock Exchange that it plans to issue up to Rs. 50 billion of series 27 unsecured redeemable subordinated debentures.
The issue was approved at a board of directors meeting held Thursday, according to a notice.
Axis Bank will sell 50,000 debentures with a face value of Rs. 1 million each.
The tier 2 notes would be Basel 3 compliant, as previously announced.
The bank is based in Mumbai.
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