Axis Bank lists $600 million Sustainable USD AT1 notes on India INX and NSE IFSC at GIFT City
Axis Bank, India’s third-largest private sector bank, today announced the listing of its $600 million Sustainable USD Additional Tier 1 (AT1) notes on India INX and NSE IFSC exchanges in the presence of Mr. Injeti Srinivas, Chairman, IFSCA and Mr, Tapan Ray, MD and Group CEO, GIFT City during a virtual listing ceremony.
Last week, the Bank had announced issuance of these Sustainable AT1 notes in the overseas markets through its IBU branch at GIFT City. This was the first such issuance from an Indian Bank, second in Asia and third globally. The said AT1 notes are now being listed on Singapore, London and India INX and NSE IFSC exchanges.
Commenting on the listing ceremony, Mr. Amitabh Chaudhry, MD & CEO, Axis Bank said: “This is a landmark issuance, and it shows Axis Bank’s commitment to the Government’s vision of developing GIFT City as an Internal Financial Centre of repute. We hope that it will encourage other market players to also look at GIFT City as a venue of choice for issuance and listing of their debt and equity products”.
Mr. Tapan Ray, MD & Group CEO, GIFT City said, “GIFT IFSC is now emerging as a destination for raising capital and debt by Indian issuers. Axis Bank’s Sustainable Bond issuance through GIFT City is a welcome-step. The ecosystem, ease of doing business and cost-efficiency make GIFT IFSC a preferred platform for raising and listing of debt. Our aim is to make GIFT City a Green & Sustainable Finance hub; we congratulate Axis Bank and IFSC Exchanges for their commitment towards achieving this goal.”
Mr. Injeti Srinivas, Chairman, IFSC Authority said, “The USD 600 MN AT – 1 Bond Issuance under WSG Category marks the beginning of GIFT IFSC emerging as a preferred destination for raising of capital for sustainability.”