State-owned Union Bank of India on Wednesday said it has raised $500 million (about Rs 4,200 crore) from foreign markets to fund overseas business growth.
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The fund was arranged by Dubai International Financial Centre, Dubai Branch, Union Bank of India said in a regulatory filing.
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A syndicated term loan of $500 million ($400 million and Green Shoe of USD 100 million) would be drawn in two tranches with tenure of 3 and 5 years.
The first tranche of $100 million was drawn on Wednesday, it said.
This is the maiden syndicated term loan raised by Union Bank of India at an overseas centre, it added.
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