The state-run Union Bank of India announced on Wednesday that it had raised $500 million (about ₹4,200 Crore) from international markets to support the expansion of its abroad business. The Union Bank of India said in a regulatory filing that the fund was arranged by the Dubai International Financial Centre (DIFC), Dubai Branch.
A $500 million syndicated term loan (USD 400 million plus USD 100 million for Green Shoe) would be drawn down over two years, with terms of three and five years each. It stated that on Wednesday, the first tranche of USD 100 million was drawn. It further stated that this is Union Bank of India’s first syndicated term loan raised at an overseas centre.
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