Axis Bank to raise $700 million through ECB swap facility

Mumbai: Axis Bank is raising a total of $700 million through a dual-tranche three-year and five-year loan under the Reserve Bank of India's (RBI) special external commercial borrowing (ECB) swap facility, people familiar with the details said.

The loan deal is structured as a club facility in which a few lenders come together to offer a collaborative financing arrangement at jointly agreed terms and tenures.