Union Bank of India raised $350 million from bonds

State-owned Union Bank of India on Wednesday said it has raised $350 million (Rs 2,100 crore) through bonds from overseas market to 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.