Union Bank to raise Rs 20,000 crore

Mumbai: Union Bank of India will raise Rs 20,000 crore out of which the bank may explore opportunities to raise Rs 7,500 crore with tenor of 10 years before March 31, the bank said in an exchange notice.

The bank said that it would also issue green bonds up to Rs 5,000 crore in one or more tranches. ET had reported in its March 9 edition that Union Bank of India is expected to raise Rs 10,000 crore in green bonds, and investors for these bonds would likely be LIC and EPFO, according to market participants. Public sector banks are being drawn to issuing green bonds after Bank of Baroda raised Rs 10,000 crore through a seven-year green bond at an attractive rate of 7.10% in early March.