United Bank of India (UBI) raise Rs 300 crore from bonds to fund its business growth. The bank has finalised the issue of unsecured, non-convertible, perpetual debt instrument of Rs 1 lakh each at par for an amount of Rs 200 crore with a green shoe option of another Rs 100 crore on private placement basis. The fund raised would result in augmentation of its Tier I capital. The government of India holds 81.56 per cent stake in the Kolkata-based bank. The state-owned bank has fixed a coupon rate of 9.27 per cent per annum.
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