The bonds of face value of Rs 10 lakh each, bearing a coupon of 7.18 per cent per annum, will have maturity of 15 years, it said.
The bonds have fixed allotment date of November 26, 2020. (File image)
State-owned Union Bank of India on Tuesday said it will raise up to Rs 1,000 crore from bonds to fund business growth.
“The bank is issuing Basel III compliant Tier II bonds in the nature of debentures aggregate issue size not exceeding Rs 1,000 crore, with a base issue size of up to Rs 500 crore and a Green Shoe option to retain oversubscription up to Rs 500 crore,” it said in a BSE filing.