UNION BANK OF INDIA - Updates

Further to our letter no. ISD/17-18/29 dated 28th April, 2017, wherein the information about approvals from Board of Directors regarding raising of capital by way of Core Equity Capital and / or Additional Tier 1 (AT1) Bonds and / or Tier 2 Bonds during the year 2017-18 was submitted, we hereby inform that the Bank has issued 5,000 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital on 3rd May, 2017. The Bond is issued for face value of Rs. 10,00,000/- each at par aggregating to Rs. 500 crore on private placement basis bearing 9.08% p.a. coupon payable annually. The AT1 Bonds are rated 'BWR AA+/Stable' by Brickwork Rating India Pvt. Ltd' (Brickwork) and IND AA/Stable' by India Ratings and Research Private Limited ('India Ratings'). Details of the issue are given in the attachment.