The Hindu Business Line : Union Bank Tier II bonds issue closed

MUMBAI: Union Bank of India has closed its offer of Tier II capital bonds after raising the targeted amount of Rs 450 crore (Rs 300 crore plus greenshoe option of additional Rs 150 crore).

The offer opened on January 31 and was placed privately, said a press release.The bonds with 123 months tenor carry a coupon of 7.15 per cent, payable annually.

The funds raised will be used to shore up the bank's capital adequacy ratio, the release said.

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