India’s Axis Bank to raise up to $559 million via private debt placement

India’s Axis Bank said on Friday it plans to raise up to 50 billion rupees ($559 million) via debt securitieson a private placement basis.

The company is looking to raise 20 billion rupees through debentures and 30 billion rupees via a green shoe option.

The lender did not specify a timeline for the placement.

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The fundraise is part of the bank’s plan - announced in April - to raise 350 billion rupees via debt and 200 billion rupees through shares.

Shares of the company ended 0.7% lower.