Union Bank of India on Wednesday said it has issued and allotted “unsecured, redeemable, non-convertible, taxable, Basel-III compliant Tier-II bonds” aggregating ₹1,000 crore.
The bonds, with face value of ₹10 lakh per bond, carry a coupon rate of 7.42 per cent. They have a tenor of 120 months from the deemed date of allotment (September 16, 2020), according to the public sector bank’s regulatory filing.
The Bank can exercise call option with prior approval of the Reserve Bank of India (RBI), subject to conditions mentioned in the Term Sheet on fifth anniversary from the deemed date of allotment or any allotment anniversary thereafter. The Bonds will be listed on the National Stock Exchange of India Limited.