Union Bank of India has informed BSE that the Bank has raised additional capital to the extent of Rs 500 crores by issue of Unsecured Redeemable Non Convertible Subordinated Upper Tier II Bonds. The issue opened and closed on June 23, 2009. The Bonds are rated as "BWR AAA" by Brickwork and "AA+/Stable" by CRISIL. The Bonds carry a coupon rate of 8.65% per annum payable annually. The tenor of the bonds is 15 years and has call option after completion of 10 years from the date of issue. If the call option is not exercised the bonds have a step-up coupon of 0.50% per year for further life of the bond.
The allotment of the Bonds will be completed on June 25, 2009, the deemed date of allotment.
| NIFTY 
