Issue of Debt

ISSUE OF DEBENTURES

We are pleased to inform that the Bank has closed its Senior Unsecured Redeemable Non-Convertible Debenture issue of amount Rs 5705 crores. The amount was raised by way of private placement. The Debentures will be listed on BSE Limited and National Stock Exchange of India Limited. The deemed date of allotment is 5th December, 2014.

A press release in this regard is enclosed.

You are requested to take the above on record.

Press Release

Axis Bank closes its Infrastructure Bond Issue. Raises Rs. 5705 crores

Mumbai, December 04, 2014: Axis Bank Limited ("Axis Bank") today announced that it has closed its Senior Unsecured Redeemable Non-Convertible Debenture issue of amount Rs.5705 crores and priced at 8.85% p.a. payable annually maturing on December 05, 2024. The NCD's are rated AAA by CRISIL & ICRA.

- The NCDs shall be allotted to eligible investors on 05th December 2014.

The transaction is significant for the following reasons:

- Very strong demand from Pension, Provident Funds, Mutual Funds, Multilateral Financial Institutions, Foreign Financial Institutions (FII's) and Insurance Companies. The issue received an overwhelming response from the investors.

- Single largest issue by any Private Sector issuer in recent times of Senior Unsecured Redeemable Non-Convertible Debentures.

- The interest by marquee investors like Life Insurance Corporation, International Finance Corporation, Washington (IFC-W) etc. demonstrates the investors' confidence in credit quality of Axis Bank.

The NCDs are issued in INR at a fixed coupon and the proceeds shall be utilized for enhancing long term resources for funding infrastructure and affordable housing.

Mr. Sidharth Rath, President - Treasury, Business Banking & Capital Markets, Axis Bank said, "We are pleased to have received a very good response for the infrastructure bonds from the domestic as well as foreign investors. This issue was launched immediately after our recent international bond offering and generated a very good response from Pension, Provident Funds, Mutual Funds, Multilateral Financial Institutions, Foreign Financial Institutions (FII's) and Insurance Companies.

The issue was managed by the Debt Capital Markets team of Axis Bank and again reaffirms its leading position in Indian Corporate Bond Markets."

Note: These materials are not for distribution (directly or indirectly) in or to the United States, Canada, or Japan. They are not an offer for sale of securities, nor a solicitation to purchase or subscribe for securities in the United States or any other jurisdiction where such offer, sale or solicitation would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Axis Bank does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.

About Axis Bank

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

With its 2,505 domestic branches & extension counters and 13,146 ATMs across the country, as on 30th September 2014, the network of Axis Bank spreads across 1,686 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has overseas offices in UK, Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi.

The Bank's website www.axisbank.com offers comprehensive details about its products and services.

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