Latest News | Union Bank of India Raises Rs 1,500 Crore Via Basel-III Compliant Bond
Get latest articles and stories on Latest News at LatestLY. State-run Union Bank of India (UBI) has raised Rs 1,500 crore by issuing Basel III compliant bonds on a private placement basis.
New Delhi, Dec 17 (PTI) State-run Union Bank of India (UBI) has raised Rs 1,500 crore by issuing Basel III compliant bonds on a private placement basis.
The base issue size of the bond offer was Rs 500 crore with an option to retain oversubscription up to Rs 1,000 crore.
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The bank accepted bids for Rs 1,500 crore, UBI said in a regulatory filing on Friday.
The perpetual bonds are eligible for inclusion in additional tier I capital, it said, adding it offers coupon at 8.40 per cent per annum.
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Perpetual bonds carry no maturity date and hence may be treated as equity, not as debt.
Stock of UBI closed at Rs 44.10 apiece on BSE, down by 4.44 per cent from the previous close.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)