State-owned Union Bank of India on Wednesday said it will raise Rs 205 crore by issuing Basel III compliant bonds later this week. The bank is issuing Basel III compliant perpetual debt instruments in the nature of debentures on private placement basis, Union Bank of India said in a regulatory filing. From the issue size of Rs 200 crore with green shoe option up to Rs 300 crore, the bank said it has accepted bids of Rs 205 crore. The coupon on the bonds is fixed at 8.73 per cent per annum to be payable annually. The date of allotment of bonds is January 29, 2021. Perpetual bonds and those instruments that carry no maturity date and hence may be treated as equity, not as debt.
Union Bank Completes IT Integration of All Branches of Andhra Bank with Itself
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State-owned Union Bank of India on Monday said it has completed IT integration of all branches of erstwhile Andhra Bank with itself. In November last year, the lender had completed its IT integration with erstwhile Corporation Bank.
The amalgamation of Andhra Bank and Corporation Bank with Union Bank came into effect from April 1, 2020. With this achievement, the entire IT integration of erstwhile Andhra and Corporation Bank branches with Union Bank of India has been completed, the lender said in a release.
All customers of erstwhile Andhra Bank and Corporation Bank have been successfully migrated to core banking solution (CBS) of Union Bank. It has also rolled out internet banking, mobile banking, UPI, IMPS, treasury and swift for erstwhile Andhra and Corporation Bank customers. We are extremely delighted to achieve complete integration of all branches and delivery channels of erstw
The bank has issued Basel III-compliant Perpetual Debt Instruments in the nature of debentures eligible for inclusion in Additional Tier 1 Capital to the tune of Rs 1,000 crore, according to a regulatory filing.
Stocks to Watch: TCS, Biocon, Tata Power, Union Bank, DHFL, HCL Tech
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Here’s a list of top ten stocks that may be in news on Friday:
TCS: The IT firm will announce its earnings for the quarter ended 31 December today. Tata Consultancy Services is expected to sustain the revenue momentum in Q3FY21 following an uptick in business activities.
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Biocon Limited: Biocon Biologics Ltd, a subsidiary of Biocon Ltd, has approved a primary equity investment by Abu Dhabi-based ADQ. As per the terms of the proposed agreement, ADQ will invest ₹555 Crore for a 1.80% minority stake in the biosimilar business, valuing Biocon Biologics at a post money valuation of $4.17 billion, Biocon said in a statement.
State-owned Union Bank of India on Tuesday said it has raised Rs 500 crore debt capital by issuing Basel III compliant bonds. The bank has allotted unsecured, subordinated, non-convertible taxable perpetual fully paid-up Basel III compliant debt instruments in the nature of debentures aggregating to Rs 500 crore on December 15, 2020, Union Bank of India said in a regulatory filing. To comply with Basel-III capital regulations, the banks need to improve and strengthen their capital planning processes. These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks. Shares of Union Bank of India on Tuesday closed 1.03 per cent lower at Rs 33.50 apiece on the BSE.