Union Bank of India to consider raising capital funds

Up to Rs 2900 crore

Union Bank of India announced that that the Bank's Committee of Directors for raising of Capital Funds at its meeting held on 26 October 2016 discussed the capital position of the Bank and advised to raise up to Rs. 2900 crore of debt capital by 31 March 2017 by way of issue of Basel III compliant Perpetual Debt Instruments (Additional Tier 1) and / or Basel III compliant Tier 2 bonds in foreign currency and / or Indian rupee, at par, through public offer / private placement to overseas and / or Indian investors, in such number of tranche(s), at such time(s) as may be considered appropriate and on such coupon(s) as may be decided at the time of actual issuance.

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