UBI raises Rs 750 cr by issuing Basel compliant bonds

State-owned Union Bank of India (UBI) has raised Rs 750 crore by issuing Basel III compliant bonds.

"Union Bank of India on November 24, 2016 has issued 7500 redeemable, unsecured subordinated Basel III compliant tier II bonds eligible for inclusion in tier-II capital," it said in a regulatory filing.

The bonds to be listed on NSE will mature on November 24, 2026.

The coupon offered on the bond is 7.74 per cent per annum payable annually on November 24 every year till redemption, it added.

Union Bank said the bonds are rated 'Crisil AAA/Negative' by Crisil Rating.

Shares of the bank closed 1.48 per cent higher at Rs 151.35 on BSE.