Union Bank of India to raise $300 million

Union Bank of India would raise at least $300 million (Rs 1,385.1 crore) through 66-month bonds later today, an official at the bank said.

Barclays Capital, Standard Chartered Bank, Citibank, Deutsche Bank, and UBS are the arrangers for the issue. “It all depends on the book building process. The bank will raise at least $300 million,” said the official.

Last week, IDBI Bank raised $350 million (Rs 1,615.95 crore) through 5.5 years bonds at 310 basis points above comparable US Treasury, while on July 22 State Bank of India had raised $1 billion (Rs 4,617 crore) through five-year bonds at 290 basis points above comparable US Treasury.

 

At 0950 IST, Union Bank of India’s shares were at Rs 322.25 on the National Stock Exchange, down 0.2 per cent from Monday’s close.