Axis Bank’s Rs 5,000-cr debt sale could be priced at 7.66%
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Axis Bank’s proposed Rs 5,000-crore debt sale could be priced at a coupon of 7.66%, three sources familiar with the placement said on Wednesday. The tenure of the securities is likely to be 10 years, and the issuance may take place by the end of this week. Ratings agency Crisil has assigned its ‘CRISIL AAA/Stable’ rating to the Rs 5,000-crore Tier-II bonds (under Basel III) of the bank. It has reaffirmed its ratings on the bank’s existing debt instruments at ‘CRISIL AAA/CRISIL AA+1/Stable/CRISIL A1+’. “The overall ratings reflect Axis Bank’s strong capitalisation, healthy resource profile, and comfortable earnings. However, the asset quality is average and remains sensitive to stress, mainly in the corporate sector loan portfolio,” Crisil said in a ratings rationale dated June 13. Axis Bank on Monday said it proposes to raise Rs 5,000 crore through non-convertible debt securities, subject to the approval of the board of directors.
“We inform that the bank proposes to raise funds by issuing unsecured, redeemable, non-convertible subordinated debentures (Basel III compliant Tier 2 debentures, series -27) of the face value of 10 lakh each for cash at par aggregating to Rs 5,000 crore,” the bank had said in a notification.
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At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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