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Axis Bank to issue 50B rupees of debentures

Axis Bank Ltd. plans to issue 50 billion Indian rupees of nonconvertible Basel III-compliant Tier 2 debentures.

The bank said June 12 that the issuance and allotment of the unsecured, redeemable, subordinated debentures are subject to board approval.

As of June 12, US$1 was equivalent to 64.48 Indian rupees.