Axis BankLtd. will fully redeem US$150 million of subordinated notes Aug. 12.

The bank said July 18 that it issued the callable notes Aug.11, 2006, with a fixed coupon rate of 7.25%. The notes are due in 2021 underthe US$5 billion medium-term note program of the bank's Singapore branch.

Axis Bank will redeem the notes at a price equal to theprincipal amount, including interest.