Union Bank of India to issue Basel III Compliant AT 1 Bonds up to Rs1500 crore

28 Feb 2022 , 03:35 PM

Union Bank of India has considered the issuance of Basel III Compliant Debt Instruments in the nature of Debentures eligible for inclusion in Additional Tier-1 Capital (“Bonds”) Series XXXIV of Rs500 crore of the face value of Rs1 crore per bond with Green Shoe Option up to Rs1000 crore (maximum Rs1500 crore) on Private Placement basis.

The bonds carry a credit rating of “IND AA /Stable” by India Rating & Research Pvt. Ltd. and “CRISIL AA /Stable” by CRISIL Ratings Ltd. The coupon rate is 8.50% p.a.

Union Bank of India stock trade on Monday ended at Rs40.15 per piece up by Rs0.05 or 0.12% from its previous closing of Rs40.10 per piece on the BSE.

The scrip opened at Rs40 and has touched a high and low of Rs40.45 and Rs39.35 respectively.