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Union Bank of India issues 7.5B rupees of bonds

Union Bank of India issued Basel III-compliant Additional Tier 1 perpetual bonds amounting to 7.5 billion rupees.

The bank said March 30 that the unsecured nonconvertible subordinated bonds bear an annual interest rate of 9.10% and were allotted the same day.

The bonds were listed on the National Stock Exchange of India.

As of March 30, US$1 was equivalent to 64.86 Indian rupees.