Axis Bank would issue bonds to raise up to Rs 5,000 crore.

Axis Bank announced on Monday that it will issue bonds to raise up to Rs 5,000 crore.

Axis Bank's board of directors authorised the bank to borrow/raise funds in Indian currency/foreign currency by issuing debt instruments, perpetual debt instruments, AT 1 bonds, infrastructure bonds, and Tier II capital bonds, among other things, up to a total of Rs 35,000 crore in April this year.

"We now wish to inform you that the bank intends to raise funds by issuing senior unsecured taxable redeemable non-convertible debentures of Rs 10 lakh each for cash at par, with a base issue size of Rs 2,000 crore and a green-shoe option to retain over-subscription of Rs 3,000 crore, aggregating up to Rs 5,000 crore," Axis Bank said in a regulatory filing.

On the BSE, Axis Bank's stock was trading at Rs 663.25 per share, down 3.74 percent from its previous close.