Axis Bank, the country's third largest private sector bank, on Tuesday disclosed its plans to raise Rs 3000 crore through issue of debt in the local and overseas markets.

The lender informed that its board of directors has already sanctioned approval for the proposed plan.

The bank intends to raise Rs 500 crore by way of tier I capital and the balance Rs 2,500 crore through tier II capital.

Yesterday, Shikha Sharma has taken charge as the Managing Director and Chief Executive Officer (MD & CEO) of India's third-largest private sector lender Axis Bank.

Formerly, she was the founder MD & CEO of ICICI Prudential Life Insurance Company.

The shares of the bank closed on Tuesday at Rs 720, down 3% compared to previous close of Rs 742. The counter has made 52-week-high and low of Rs 849 and Rs 278 respectively.