Axis Bank declines after pricing senior unsecured notes

Axis Bank declined 0.63% to Rs 470.95 at 9:55 IST on BSE after the bank said it priced $500 million 3.250% senior unsecured notes due 2020.

The bank made the announcement after market hours yesterday, 18 November 2014

Meanwhile, the S&P BSE Sensex was up 6.68 points or 0.02% at 28,169.97.

On BSE, so far 36,287 shares were traded in the counter as against average daily volume of 4 lakh shares in the past one quarter.

The stock hit a high of Rs 475.85 and a low of Rs 470.55 so far during the day. The stock had hit a record high of Rs 485.50 on 13 November 2014. The stock had hit a 52-week low of Rs 215.68 on 22 November 2013.

The stock had outperformed the market over the past one month till 18 November 2014, rising 17.91% compared with the Sensex's 7.87% rise. The scrip had also outperformed the market in past one quarter, rising 20.32% as against Sensex's 6.72% rise.

The large-cap private sector bank has an equity capital of Rs 472.29 crore. Face value per share is Rs 2.

The Notes are issued by Axis Bank's DIFC branch, Dubai and are rated Baa2 by Moody's, BBB- by S&P and BBB- by Fitch. The Notes have been issued at a price of 99.656 to yield 3.319%. The Notes will be denominated in US dollars, and will bear fixed interest of 3.250% per annum, with interest payable semi-annually in arrears, Axis Bank said. The bank will apply the net proceeds to meet the funding requirement of its foreign branches and for general corporate purposes, Axis Bank said.

Axis Bank's net profit rose 18.2% to Rs 1610.71 crore on 12.5% rise in total income to Rs 10549.97 crore in Q2 September 2014 over Q2 September 2013.

FOR MORE INFO ABOUT THE MARKET VISIT.... http://sparkfinserve.com