Union Bank to Raise Rs 20,000 Crore in Infrastructure Bonds

Union Bank of India has announced a significant financial move, revealing plans to generate Rs 20,000 crore through the issuance of infrastructure bonds. This development, approved by the bank's board, is aimed at financing a variety of infrastructure projects, as outlined in a regulatory filing.

The strategic decision involves issuing long-term bonds in multiple tranches with a substantial portion, Rs 7,500 crore, anticipated to be raised by the end of March 2023. This figure comprises a base issue of Rs 3,000 crore and an additional Rs 4,500 crore under a green shoe option.

Moreover, the board has also given the go-ahead for the issuance of green or sustainable bonds worth up to Rs 5,000 crore, signaling the bank's commitment to environmentally and socially responsible financing.