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Union Bank plans Rs 250-cr bond issue

Our Bureau

MUMBAI: Union Bank of India is gearing up to raise Rs 250 crore through a subordinated bond issue on August 29.

The tenor of the bonds is 116 months and has a coupon rate of 5.95 per cent. "This is the lowest ever coupon rate and the longest ever tenor in Tier-II bonds," according to a Union Bank official.

The bank is raising the money to augment its capital base, officials said. The arrangers of the issue include HDFC Bank, IDBI Caps and Standard Chartered.

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