India's Axis Bank to raise up to $640 mln via debt

MUMBAI, June 1 (Reuters) - Indian private lender Axis Bank (AXBK.BO) said on Monday its board had approved raising up to 30 billion ($640 million) rupees through issue of debt in local or overseas markets.

It plans to raise 5 billion rupees by way of Tier I capital and the balance through Tier II capital, the bank said in a statement to the stock exchanges. ($1=46.9 rupees) (Reporting by Prashant Mehra)