<p>Union Bank said it has raised Rs 800 crore through issuance of lower Tier II bonds.<br /><br /></p>.<p>“We have raised additional capital to the extent of Rs 800 crore by issue of unsecured redeemable non-convertible subordinated lower tier II Bonds,” the bank said in a release.<br />The 10-year bonds have a fixed coupon rate of 8.90 per cent per annum payable annually, it added.<br /><br />Earlier, the bank had announced that it has received an enabling resolution from its board to raise up to Rs 1,500 crore through bonds over the next three months.<br /><br />Union Bank posted 57 per cent jump in net profit to Rs 554 crore during the second quarter of current financial year.</p>
<p>Union Bank said it has raised Rs 800 crore through issuance of lower Tier II bonds.<br /><br /></p>.<p>“We have raised additional capital to the extent of Rs 800 crore by issue of unsecured redeemable non-convertible subordinated lower tier II Bonds,” the bank said in a release.<br />The 10-year bonds have a fixed coupon rate of 8.90 per cent per annum payable annually, it added.<br /><br />Earlier, the bank had announced that it has received an enabling resolution from its board to raise up to Rs 1,500 crore through bonds over the next three months.<br /><br />Union Bank posted 57 per cent jump in net profit to Rs 554 crore during the second quarter of current financial year.</p>