The board of directors of Axis Bank have passed a resolution approving the allotment of 3-year Senior Floating Rate Notes aggregating to USD 10,000,000, under the MTN programme through its Dubai International Financial Centre (DIFC) branch.
MTN stands for Medium Term Note, and it is a note that matures generally in five to ten years. MTNs gives an option to investors between traditionally traded short term and long term investment instruments.
The coupon rate on an MTN is typically higher than those achieved on short-term notes. Dubai International Financial Centre is a major global financial hub for the Middle East, Africa and South Asia markets. DIFC is one of Dubai’s independent free zones, which offers companies 100% ownership without the need for a local partner.
Axis Bank's stock is the top gainer in the Nifty Private Bank index on Tuesday in the morning hours. The other bank stocks are trading flat with a slightly positive bias.