United Bank of India to raise 5 bln rupees via Tier-II bonds at 8.75 pct-source

MUMBAI, June 25 Tue Jun 25, 2013 9:24am EDT

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MUMBAI, June 25 (Reuters) - United Bank of India is planning to raise 5 billion rupees through 10-year Tier-II bonds at 8.75 percent, a source with direct knowledge of the deal told Reuters on Tuesday.

The bonds are Basel III compliant and have been placed with Life Insurance Corporation of India, the source said.

The bonds are rated 'CRISIL AA+/Stable' and the first Tier-II capital instrument issued in the Indian market under the Basel III capital regulations. (Reporting by Archana Narayanan; Editing by Anupama Dwivedi)

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