State-owned Union Bank of India on Wednesday said it has raised $350 million (Rs 2,100 crore) through bonds from overseas marketto fund its expansion plan.
The 5.5 years bonds were priced at a spread of 280 basis points and was oversubcribed 3.4 times with demand from 150 investors, Union Bank of India said in a statement.
Geographically, 65 per cent of the bonds were allocated to Asia, 32 per cent to Europe and the remaining 3 per cent to offshore US.
This is part of $2 billion Medium Term Note Programme, it added.
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