Stock Market

UBI raises Rs 1,000cr via bonds; OBC to sell shares to LIC

UBI raises Rs 1,000cr via bonds; OBC to sell shares to LIC

Public sector Union Bank of India today said it has raised Rs 1,000 crore by issuing bonds on private placement basis.


While Oriental Bank of Commerce (OBC) said it will raise over Rs 178 crore by selling stake to LIC.


“Union Bank of India has issued 10,000 basel III compliant Tier II bonds of face value of Rs 10 lakh each aggregating to Rs 1,000 crore on private placement basis”, it said in a filing on BSE.


The bonds, issued for a 10 year tenure, bears 8.61 percent per annum of coupon rate. The Bonds are rated IND AA+ by India Rating, the bank said.


OBC, in its Extraordinary General Meeting, held today said it will issue and allot 2,15,48,758 equity shares at an issue price of Rs 82.79 aggregating to Rs 178.40 crore to LIC on preferential basis.


UBI shares closed flat at Rs 124.60 apiece on BSE today, while, OBC scrips ended 2.95 per cent down at Rs 85.55 a share.