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Monday, August 22, 2016

United Bank Of India Raises Rs 1,000 Crore From Bonds

State-owned Union Bank of India on Monday 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, Union Bank of India said in a regulatory filing on stock exchanges.

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


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

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