-
ALSO READ
Union Bank plans to raise Rs 2,000 crore by issuing Tier-II bonds
Union Bank of India raises Rs 500 cr by issuing Basel III compliant bonds
Short-cut on bank recap
Exim Bank sells bonds worth $1 billion to global investors at dirt low rate
Union Bank of India proposes to raise Rs 1,000 cr from bonds to fund biz
-
State-owned Union Bank of India on Wednesday said it will raise Rs 205 crore by issuing Basel III compliant bonds later this week.
The bank is issuing Basel III compliant perpetual debt instruments in the nature of debentures on private placement basis, Union Bank of India said in a regulatory filing.
From the issue size of Rs 200 crore with green shoe option up to Rs 300 crore, the bank said it has accepted bids of Rs 205 crore.
The coupon on the bonds is fixed at 8.73 per cent per annum to be payable annually. The date of allotment of bonds is January 29, 2021.
Perpetual bonds and those instruments that carry no maturity date and hence may be treated as equity, not as debt.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU