UNION BANK OF INDIA - Updates

Further to our letter no. ISD/16-17/350 dated November 4, 2016, wherein the information about approvals from Board of Directors regarding raising of capital by way of equity and/or AT 1 and /or Tier 2 capital during FY 2016-17 was submitted, we hereby inform that the Bank has issued 7,500 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital on 30th March, 2017. The Bond is issued for face value of Rs. 10,00,000/- each at par aggregating to Rs. 750 crore on private placement basis bearing 9.10% p.a. coupon payable annually. The AT1 Bonds are rated 'BWR AA+/Stable' by Brickwork Rating India Pvt. Ltd' (Brickwork) and IND AA' by India Ratings and Research Private Limited ('India Ratings'). Details of the same are provided in the letter.