RAISING OF SENIOR NOTES IN INTERNATIONAL MARKET

AXIS BANK RAISES SENIOR NOTES IN THE INTERNATIONAL MARKET

We are pleased to inform that the Board of Directors of the Bank has today passed a resolution approving the allotment of Senior Notes aggregating to USD 500,000,000 under the MTN programme through its DIFC Dubai branch. The Notes will be listed at the Singapore Stock Exchange. A copy of press release being issued by the Bank in this regard is enclosed.

PRESS RELEASE

NOT FOR DISTRIBUTION IN THE UNITED STATES

November 2, 2010

Axis Bank Ltd.

Pricing of US$500 million 4.750% Senior Unsecured Notes. 

Axis Bank Ltd. has announced that its wholly-owned branch in the Dubai International Finance Centre priced US$500 million 4.750% Senior Unsecured Notes due 2016 ("the Notes") which were rated Baa2/Stable by Moody's, BBB-/Stable by S&P and BBB-/Stable by Fitch. 

The offering, which enabled Axis Bank Ltd. to diversify its investor base, was the company's' debut issuance under the 144A / RegS format.

The 2016 Notes had an issue price of 99.599% and yield of 4.834%. The Notes are denominated in US dollars and bear fixed interest payments of 4.750% per annum with interest payable semi-annually in arrears.

The Notes were distributed to a diverse investor base comprising asset management companies, banks, pension funds and others in USA, Europe and Asia.

Bank of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank AG, JP Morgan Inc. and The Royal Bank of Scotland plc acted as joint book-runners and lead managers.

These materials are not for distribution (directly or indirectly) in or to the United States, New Zealand, South Africa or Japan. They are not an offer for sale of securities, nor a solicitation to purchase or subscribe for securities, in the United States, New Zealand, South Africa or Japan 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"), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The Company 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.