Union Bank bonds sale

Union Bank of India has raised an additional capital of Rs 300 crore through an offering of Hybrid Tier I Capital. The issue opened on October 9 and closed the same day fully subscribed. The perpetual bond, having a call option to redeem after the tenth year, 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 the call option is not exercised.