Axis Bank Regs Regulatory News (AXB)

Issuer

Axis Bank Limited

Instrument

Unsecured Redeemable Non Convertible Subordinated Debentures (Lower Tier II) (Series - 17)

Issue Size

Rs.200 crores (Rupees Two Hundred Crores)

Rating

"AAA (ind)" by FITCH and "AAA [Triple A]" by CARE

Face Value & Issue Price

Rs. 10,00,000/- per Debentures (Rupees Ten Lacs per Debenture)

Minimum Application Size

1 Debenture and in multiples of 1 Debenture thereafter

Amount Payable on 

Application

Rs. 10,00,000/- per Debenture 

Tenure

10 Years (120 months) from date of allotment

Coupon Rate

9.95% p.a.

Coupon Payment

Annual

Redemption

Bullet Redemption at par at the end of 10th Year from the Date of Allotment.

In terms of RBI master circular no. DBOD.No.BP.BC. 11 /21.06.001/2008-09 dated July 1, 2008; these Debentures are free of restrictive clauses and are not redeemable at the initiative of the holder or without the consent of the Reserve Bank of India.

Interest on application money

Interest on application money will be same as the Coupon rate (subject to deduction of Tax at Source at the rate prevailing from time to time under the provisions of the Income Tax Act, 1961 or any other statutory modifications or re-enactment thereof) will be paid on application money to the applicants from the date of realisation but excluding the Date of Allotment.

Put / Call Option

N.A.

Proposed listing of the debt securities

Wholesale Debt Market Segment of NSE and BSE

Issuance Mode

Only in Dematerialised form

Trading Mode

Only in Dematerialised form

Depository

NSDL and CDSL

Security

The Debentures are Unsecured in nature

Computation of Interest

Interest payable on the Debentures will be calculated on the basis of actual number of days elapsed in a year of 365 or 366 Days as the case may be.

Terms of Subordination

Pari-passu among themselves and with other subordinated indebtedness of Axis Bank Ltd., and subordinate to the claims of all other unsecured creditors and depositors of Axis Bank Ltd., as regards repayment of principal and interest by the Issuer.

Holiday Convention

If any of the interest or principal payment dates is a holiday in Mumbai, interest will be payable on the next succeeding business day in Mumbai and shall be the interest / principal payment date.

Such payment on the next working day would not constitute non-payment on due date.

Settlement 

Payment of interest and principal will be made by way of DDs / Electronic mode