Friday, 31 March 2017

Nifty Futures, Union Bank of India raises Rs 750 Cr via bonds

The bank has issued 7,500 non-convertible, unsecured subordinated Basel III compliant perpetual debt instruments for inclusion in an additional tier-I capital, it said in a regulatory filing.

Public sector lender Union Bank of India has raised Rs 750 crore by issuing Basel III-compliant bonds.

The bank has issued 7,500 non-convertible, unsecured subordinated Basel III compliant perpetual debt instruments for inclusion in the additional tier-I capital, it said in a regulatory filing.


The bond is issued for the face value of Rs 10 lakh each at par aggregating to Rs 750 crore on private placement basis, it added.

Perpetual bonds carry no maturity period and can be treated as equity, not as debt.

The bonds, issued on a private placement basis, bears the interest rate of 9.10 percent per annum payable annually.

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