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Union Bank of India raises 5B rupees via bond issue

Union Bank of India raised 5 billion rupees via an issuance of Basel III-compliant Additional Tier 1 bonds on a private placement basis.

The bank said March 31 that the nonconvertible unsecured subordinated perpetual bonds bear annual interest of 9.10%.

As of April 3, US$1 was equivalent to 64.97 Indian rupees.