Union Bank of India raises Rs 1,000 cr from bonds

State-owned Union Bank of India on Thursday said it has raised Rs 1,000 crore by issuing Basel III-compliant bonds on a private placement basis.

The bank has issued Basel III-compliant Perpetual Debt Instruments in the nature of debentures eligible for inclusion in Additional Tier 1 Capital to the tune of Rs 1,000 crore, according to a regulatory filing.

The coupon rate on the bonds is 8.64 per cent per annum, payable annually.