Axis Bank has released a statement saying that the board of directors has approved funding Rs 12,000 crore through the private offering of non-convertible bonds with a coupon rate of 7.88 percent per annum and payable annually. The bank noted in a statement dated 13 December that the offer consists of a basic issue of up to 1,000 bonds comprising Rs 1,000 crore with a green shoe option to retain oversubscription of up to Rs 11,000 crore. This move is a part of the lender’s goal to raise Rs 35,000 crore through debt instruments, which earned board clearance in April. Notably, Axis Bank did not provide pricing information for the bond offering. According to an exchange filing by Axis Bank, the bank’s committee of whole-time directors has given its approval for the private placement of 12,000 unsecured, rated, listed, subordinated, taxable, non-convertible, tier II bonds (Series 30) with a face value of Rs 1 crore per bond. These bonds will be issued for cash and will be compliant with Basel III. Both India Ratings and Research and ICRA have accorded the aforementioned bonds ratings of AAA/Stable. After the date of allocation, the instrument’s tenure is 10 years with the maturity date being 13 December 2032. The bonds are proposed to be listed on Indian stock exchanges- the National Stock Exchange (NSE) and Bombay Stock Exchanges (BSE). The bank stated that the bonds are not associated with any special rights or perks. Axis Bank ranks third among the major private-sector banks in India. In the second quarter of FY23, the bank’s independent net profit surged by 70.1 percent to Rs 5,329.77 crore compared to the second quarter of FY22, with a 20.1 percent increase in total income to Rs 24,180.08 crore. On the BSE, the shares of Axis Bank were trading at Rs 943.20 at 1:36 pm, recording a fall of 0.15 percent. On Tuesday, the shares ended at Rs 945.75, going up by 0.61 percent or Rs 5.75 at the closing bell. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .