Union Bank of India raised USD 350 million from bonds

State-owned Union Bank of India today said it has raised USD 350 million (Rs 2,100 crore) through bonds from overseas market to fund its expansion plan.

The 5.5 years bonds were priced at a spread of 280 basis points and was oversubcribed 3.4 times with demand from 150 investors, Union Bank of India said in a statement.

Geographically, 65 per cent of the bonds were allocated to Asia, 32 per cent to Europe and the remaining 3 per cent to offshore US.

This is part of USD 2 billion Medium Term Note Programme, it added.