Union Bank of India raises Rs 663 crore from bonds 
Latest News

Union Bank of India raises Rs 663 cr from bonds

State-owned Union Bank of India has raised Rs 663 crore on Friday from Tier I bonds to fund business growth, said a regulatory filing

PSU Watch Bureau

New Delhi: State-owned Union Bank of India on Friday said it has raised Rs 663 crore from Tier I bonds to fund business growth. "The bank has allotted unsecured, subordinated, non-convertible, perpetual, taxable, fully paid-up Basel III compliant Additional Tier 1 bonds (AT-1) in the nature of debentures eligible for inclusion in Tier 1 Capital," Union Bank of India said in a regulatory filing.

The bank raised Rs 663 crore in aggregate from these bonds, it added.

Under the Basel-III norms, AT-1 bonds come with loss absorbency features, which means that in case of stress, banks can write off such investments or convert them into common equity if approved by the Reserve Bank of India.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Critical minerals seen as 'future pillar' of Australia-India partnership: Trade official

Nand Kumarum (IAS) gets tenure extension as MD & CEO of Digital India Corporation

NTPC Q2 net profit grows 3% to Rs 5,225 crore

Nasscom, UIDAI partner to empower DeepTech startups in digital identity innovation

MoUs worth over Rs 12 lakh crore signed at India Maritime Week: Sonowal