Union Bank of India on Friday said it will raise Rs 1,320 crore next week by issuing bonds on a private placement basis.

The bank said it has accepted bids of Rs 1,320 crore in an issue of Rs 2,100 crore with a base issue size of Rs 600 crore and a green shoe option to retain oversubscription up to Rs 1,500 crore.

The unsecured, subordinated, taxable, non-convertible, perpetual, fully paid-up Basel III compliant additional tier I bonds in the nature of debentures will carry coupon at 8.69 per cent per annum, the state-owned lender said in a regulatory filing.

The fund raised will be eligible to be included as additional tier-I capital of the bank, it said.

Perpetual bonds carry no maturity date and they are often considered a type of equity, not debt. Even as such bonds are not redeemable, they pay a steady flow of interest forever.

The bank said it will allot bonds to the allottees on July 25, 2022.

Crisil Ratings and India Ratings & Research have rated these bonds as high investment grade AA rating with a stable outlook. PTI KPM KPM BAL BAL

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