Axis Bank accepts bids for 10-year Tier-II bonds - traders

India's Axis Bank AXISBANK has accepted bids worth 120 billion rupees ($1.46 billion) for Basel III-compliant Tier-II bonds maturing in 10 years, three merchant bankers said on Friday.

The private lender will pay an annual coupon of 7.88% on this issue and had invited bids from bankers and investors on Friday, they said.

The bonds are rated AAA by ICRA and India Rating, and the issue will close for subscription next week.

This is the first bond issuance by the bank in this financial year.

($1 = 82.1700 Indian rupees)