United Bank raises Rs 1,000 cr from bonds

State-owned Union Bank of India today raised Rs 1,000 crore through bonds to fund business growth.

The bank issued 10,000 Basel III compliant Tier II bonds of face value Rs 10,00,000 each at par aggregating to Rs 1000 crore on private placement basis, UBI said in a regulatory filing on stock exchanges.

The bonds bear 8 per cent coupon rate payable annually, it said.

The bonds are issued for a period of 10 years, with call option after 5 years and thereafter on all coupon payment dates, it said.