New Delhi: State-owned Union Bank of India on Thursday said it has raised Rs1,000 crore by issuing additional tier-I (AT1) bonds.
“The Bank has on September 15, 2016 issued 10,000 non-convertible, unsecured subordinated Basel III compliant perpetual debt instruments eligible for inclusion in additional tier 1 (AT1) capital," the bank said in a regulatory filing.
The bonds are issued for face value of Rs10 lakh each at par aggregating to Rs1,000 crore on private placement basis bearing 9.50% per annum coupon payable annually, it added.
The AT1 bonds are rated ‘IND AA’ by India Ratings and CARE AA by Credit Analysis & Research Ltd (CARE). Union Bank of India shares closed 0.8% down at Rs143.50 on BSE.