Axis Bank to raise Rs 3,000-crore debt

Axis Bank, the country’s third largest private sector bank, on Monday announced plans to raise Rs 3,000-crore debt in local or overseas markets for meeting its tier-I and tier-II capital needs.

Presiding over her first board meeting, on her first day in office as managing director & CEO of Axis Bank, Shikha Sharma, former MD & founder CEO of ICICI Prudential Life Insurance, announced plans for raising the capital in tranches.

The bank plans to raise Rs 500 crore of debt for its tier-I capital and the rest towards tier-II capital.

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Satyam names new Chief Executive Officer

The government-appointed interim board of Satyam Computer Services on Thursday selected AS Murty as CEO. Murty, who is currently chief delivery officer, has been with Satyam since 1994. He will draw an annual salary of Rs 5crore.

The six-member board also announced the appointment of Tata Chemicals former MD Homi Khusrokhan and Murugappa group former CFO Partho Datta as special advisors to the board. As Datta will oversee the company’s financial operations, the board decided not to appoint a separate CFO at this juncture.

In a statement issued after its two-day meeting, the board also confirmed a sanction of Rs 600 crore to meet the company’s working capital requirements.Satyam has been staring at an acute shortage of cash ever since the dramatic disclosure on January 7of a Rs 7,800-crore accounting fraud by Satyam founder B Ramalinga Raju.

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