Union Bank of India raises $600 mn via bonds

State-owned Union Bank of India has raised $600 million from bonds issued to overseas investors to fund business growth.

The fund raised by issuing USD REG S Senior Unsecured Dual Tranche Notes due 2029 (3 years) and 2031 (5 years) of $300 million each issued through Union Bank of India Dubai International Financial Centre (DIFC) branch, the bank said in a regulatory filing on Friday.

'Regulation S' tagged instruments are exempt from registration requirements of the US Securities and Exchange Commission (SEC) and can be issued outside the US.

These bonds would be listed at NSE IFSC Limited, it said.