Union Bank of India to raise around $300 million through bond sale

23 Apr 2013 Evaluate

Union Bank of India is planning to raise around $300 million through an overseas US dollar-denominated bond sale from its Hong Kong branch. This overseas bond sale is the third tranche under a $2 billion European Medium Term Note programme and it is a benchmark five-and-half year transaction. The bond sale will be run by the bank in association with Citigroup. Moody’s has attributed Baa3 rating to the proposed dollar-denominated senior unsecured notes drawdown.

The bank has reported 37.67% rise in its net profit at Rs 302.40 crore for third quarter ended December 31, 2012 as compared to Rs 219.66 crore for the same quarter in the previous year. Total income of the bank has increased by 16.19% at Rs 6959.37 crore for quarter under review as compared to Rs 5989.48 crore for the quarter ended December 31, 2011.

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