Axis Bank on Wednesday said it has approved a proposal to infuse Rs 1,500 crore into its NBFC arm, Axis Finance Ltd (AFL), via a rights issue over the next 12 months to support business growth.

The bank’s Acquisitions, Divestments and Merger Committee approved the infusion in one or more tranches before March 31, 2027, according to a regulatory filing.

The capital infusion will be made by subscribing to the rights issue of Axis Finance, which is a wholly owned subsidiary of the bank.