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Union Bank raises Rs. 300 cr tier -I capital

KOCHI: Union Bank of India has raised additional capital to the extent of Rs. 300 crore by issue of hybrid Tier I capital. The issue was managed and fully underwritten by UTI Bank, Citigroup, HDFC Bank, A K Capital and Darashaw & Co, says a press release. The bonds are perpetual bonds having a call option by the bank to redeem it after the tenth year. The bond carries a coupon rate of 9.45 per cent payable annually, with a step-up option of 50 basis points at the end of the tenth year, if call option is not exercised, says a release.

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