Union Bank of India has planned to allot Basel III compliant bonds next week on a private placement basis, for which it has accepted bids worth Rs 2,000 crore.
The bank has considered the issuance of Basel III compliant debt instruments in the nature of debentures of Rs 500 crore, with green shoe option up to Rs 1,500 crore (maximum Rs 2,000 crore) on private placement basis. The bonds are eligible for inclusion in additional tier I capital.
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.
