Mumbai: Indian banking and financial services  Axis Bank has said that it has initiated issuing Additional Tier-1 bonds as part of its Rs 35,000 crore debt raising plan. In a regulatory filing on Monday, it said, "The bank has initiated the process of issuing of the debt instruments, in the form of the Additional Tier 1 Notes (Notes) in foreign currency, subject to market conditions. This will be a sustainable bond under the Sustainable Financing Framework of the Bank."  Axis Bank also said that the notes will not be offered or sold in India under the applicable laws, including the Companies Act, 2013, as amended.

The issuance is part of the existing Global Medium Term Notes (GMTN) programme of the bank. The Offering Circular for the GMTN programme has been updated on Singapore Exchange Limited (SGX) and the International Securities Market (ISM).

In April, the Board of Directors of Axis Bank had authorised the bank to borrow or raise funds in Indian or foreign currency by issue of debt instruments including long term bonds. Reacting to the development, shares of the bank surged on Monday post the announcement of the issuance of debt instruments. Around 3.14 p.m, Monday, shares of Axis bank on the NSE were at Rs 783.80, higher by Rs 31.40 or 4.17 per cent from its previous close.

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