New Delhi: United Bank of India said it proposes to 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, United Bank of India said in a filing on the BSE.
    
The fund raised would result in augmentation of its Tier I capital, it said. The state-owned bank has fixed a coupon rate of 9.27 percent per annum, it added.
    
The government of India holds 81.56 percent stake in the Kolkata-based bank. Shares of the bank closed at Rs 75.30 apiece, up 0.94 percent on the BSE.

(Agencies)

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