New Delhi: State-owned Union Bank of India on Wednesday said it has raised USD 500 million (about Rs 4,200 crore) from foreign markets to fund overseas business growth.

The fund was arranged by Dubai International Financial Centre (DIFC), Dubai Branch, Union Bank of India said in a regulatory filing.

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A syndicated term loan of USD 500 million (USD 400 million and Green Shoe of USD 100 million) would be drawn in two tranches with tenure of 3 and 5 years.

The first tranche of USD 100 million was drawn on Wednesday, it said.

This is the maiden syndicated term loan raised by Union Bank of India at an overseas centre, it added.

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