India’s Axis Bank said on Friday it plans to raise up to 50 billion rupees ($559 million) via debt securities on a private placement basis.
The company is seeking to raise 20 billion rupees through debentures and an additional 30 billion rupees via a green shoe option.
The lender did not specify a timeline for the placement.
The fundraising is part of the bank‘s plan, announced in April, to raise 350 billion rupees through debt and 200 billion rupees through shares.
Shares of the company ended 0.7% lower.
Reuters
