Union Bank of India on Friday raised Rs 2,000 crore through issuing bonds that are compliant with the global banking norms, Basel-III. “Union Bank has raised additional capital to the extent of Rs 2,000 crore by issuing Basel-III compliant unsecured redeemable non-convertible Tier-II bonds,” the state-owned bank said in a statement. The paper has a tenor of 10 years and carries a fixed coupon of 9.80 per cent per annum payable annually, it added.The bonds are rated AAA/stable by credit rating agency CRISIL, the bank statement added.

Source : http://www.business-standard.com/article/finance/union-bank-raises-rs-2-000-cr-to-shore-up-capital-113112200831_1.html

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