Tue. Nov 24th, 2020

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Approved plan to raise Rs. 35,000 crore by Axis Bank board

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Axis Bank board approved the plan to raise Rs. 35,000 crore of the shareholders in its 26th Annual General Meeting.

“The board has authorized the bank to borrow/raise funds in Indian currency or foreign Currency by issue of debt Instruments including but not limited long term bonds, non-convertible debentures, perpetual debt instruments and Tier II capital bonds up to an amount of Rs 35,000 crore,” the bank said in a notification.

The bank will seek the approval of the shareholders in its 26th Annual General Meeting.

The bank, in a separate note, said it has more than doubled its provisions to Rs 7,730.02 crore to deal with bad loans and future contingencies. This also hit the company’s bottomline as it reported a net loss of Rs 1,387.78 crore for the March quarter.

The provision amount includes Rs 3,000 crore related to Covid, taking the overall additional provisions held by the bank to Rs 5,983 crore.

 

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