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United Bank of India Plans To Raise INR300 Crore (INR3 Billion) From Bonds-The Economic Times


Monday, 3 Dec 2012 07:53am EST 

The Economic Times reported that United Bank of India said it proposes to raise INR300 crore (INR3 billion) from bonds to fund its business growth. The bank has finalised the issue of unsecured, non-convertible, perpetual debt instrument of Rs 1 lakh each at par for an amount of INR200 crore (INR2 billion) with a green shoe option of another INR100 crore (INR1 billion) on private placement basis. The fund raised would result in augmentation of its Tier I capital. The bank has fixed a coupon rate of 9.27% per annum.