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Our Bureau

Mumbai, Oct. 10

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. The issue was managed and underwritten by UTI Bank, Citibank, HDFC Bank, A.K. Capital and Darashaw & Co.

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