New Delhi, March 16 State-owned Union Bank of India said on Monday that its board has approved a proposal to raise ₹20,000 crore by issuing infrastructure bonds to fund various projects.
The committee of Directors for fund raising (Non-Capital) has approved the issuance of long-term bonds amounting up to ₹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 ₹7,500 crore (Base Issue - ₹3,000 crore and Green Shoe option - ₹4,500 crore) with a tenor of 10 years before March 31, it said.
Besides, the board also gave the go-ahead for the issuance of green bonds/sustainable bonds amounting up to ₹5,000 crore in one or more tranches.