The country’s third largest private sector bank, Axis Bank, on Monday announced plans to raise a whopping Rs 30 billion through issue of debt in the local and overseas markets. The bank plans to raise Rs 5 billion by way of tier I capital and the balance through tier II capital. The board has accorded approval of the plan.

At the 15th AGM of the bank, the shareholders formally approved the appointment of Shikha Sharma as the MD for five years and also gave their consent to the bifurcation of the post of CMD. She was earlier the MD and founder CEO of ICICI Prudential.

The shareholders also approved alteration of the bank’s Articles of Association in respect to the post of Chairman and CEO into a non-executive Chairman and MD. The spilt will be effective from June 1 instead of August 1, 2009 thereby paving the way for the formal exit of former CMD P J Nayaks from the bank.

The AGM also cleared the payment of a 100 per cent dividend or Rs 10 per share. Shares of the bank were trading at Rs 741, down 5.41 per cent in afternoon trade on the BSE.

Sharma delivered a brief inaugural address at the AGM. She said: “I am honoured that the board entrusted me with the responsibility of leading Axis Bank and I am delighted at the opportunity."

She later presided over her first ever board meeting as the new MD and CEO of Axis Bank.

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