Axis Bank is planning to raise Rs 2,000 crore via unsecured redeemable non-convertible subordinated debentures (Lower Tier-II) of 10-year tenure, on private placement basis, at a coupon rate of 9.15 per cent.

The private sector lender on Tuesday informed that its board of directors has approved allotment of Unsecured Redeemable Non-Convertible Subordinated Debentures on private placement basis as aggregating to Rs 2,000 crore.

Reports suggest that the core size of the debenture issue will be Rs 1,500 crore plus a greenshoe option up to Rs 500 crore.

The minimum application size is one debenture and in multiples of one debenture thereafter, and the face value and issue price of each debenture is Rs 10 lakh.

The issue, which will be redeemed at par at the end of 120 months from the date of allotment, has been rated 'AAA' by CARE and 'AAA (ind)' by Fitch. The debentures are scheduled to list on the BSE and NSE.