Union Bank of India is planning to raise Rs 205 crore by issuing Basel III compliant perpetual debt instruments in the nature of debentures on private placement basis. The coupon on the bonds is fixed at 8.73 percent per annum to be payable annually. The date of allotment of bonds is January 29, 2021.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
