New Delhi: 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.
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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