Union Bank of India board approves ₹20,000 crore infrastructure bond plan – CNBC TV18

State-owned Union Bank of India on Monday said 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) 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.

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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 a nod for the issuance of green bonds/sustainable bonds amounting up to ₹5,000 crore in one or more tranches.