Union Bank of India to raise Rs 2,900 cr from bonds

State-owned Union Bank of India today said it proposes to raise Rs 2900 crore through bonds in the next five months.

The board approved to raise up to Rs 2900 crore of debt capital by March 31, 2017 by way of issue of Basel III compliant Perpetual Debt Instruments (Additional Tier 1) or Basel III compliant Tier 2 bonds, Union Bank of India said in a filing on stock exchanges.

The funds could be raised either in in foreign currency or Indian rupee, it added.