New Delhi: State-owned Union Bank of India on Monday said its board has approved a proposal to raise Rs 20,000 crore by issuing infrastructure bonds to fund various projects. The committee of Directors for fund raising (Non-Capital) approved the issuance of long-term bonds amounting up to Rs 20,000 crore in one or more tranches to finance infrastructure and affordable housing as per the board-approved plan, Union Bank of India said in a regulatory filing.
Out of this, the bank may explore opportunities to raise Rs 7,500 crore (Base Issue- Rs 3,000 crore and Green shoe option Rs 4,500 crore) with a tenor of 10 years before March 31, it said. Besides, the board also gave a nod for the issuance of green bonds/sustainable bonds amounting up to Rs 5,000 crore in one or more tranches.
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