On Wednesday, Union Bank of India, a state-owned institution, announced that it has secured $500 million (approximately Rs 4,200 crore) from foreign markets to support its expansion efforts abroad. The financing arrangement was facilitated by the Dubai International Financial Centre (DIFC), Dubai Branch, as disclosed in a regulatory filing by Union Bank of India.
The $500 million syndicated term loan (comprising $400 million initially and a Green Shoe option of $100 million) will be disbursed in two phases, spanning 3 and 5 years respectively. The bank drew the first tranche of $100 million on the same day. This marks Union Bank of India’s debut in securing a syndicated term loan from an overseas center, as highlighted in the announcement.
