Financial Daily from THE HINDU group of publications
Friday, Mar 07, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 07, 2003 |
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Money & Banking
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Corporate Bonds Union Bank bonds fully subscribed Our Bureau
MUMBAI, March 6 UNION Bank of India's unsecured redeemable non-convertible subordinated bonds issue of Rs 400-crore has been fully subscribed through private placement. The tenor of the bond is 85 months and priced at 6.9 per cent, said a press release. The bank is reducing the effective cost by hedging through derivative instruments, the release added. The issue will augment the Tier II capital of the bank, improve the capital adequacy ratio and enhance its long- term resources.
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