New Delhi, March 16 -- PSU stock Union Bank of India on Monday, March 16, announced that its board has approved the issuance of long-term bonds.

The PSU stock surged as much as 1.52% to Rs.176.22 today amid a sharp rebound in the Indian stock market. It opened at Rs.172.20, as compared to the previous close of Rs.173.88 on Friday.

In an exchange filing, the company said that the board has considered and approved the issuance of long-term bonds up to Rs.20,000 crore in one or more tranches for financing of infrastructure and affordable housing as per the board-approved plan.

Out of this, the bank may explore opportunities to raise Rs. 7,500 crore, including a base Issue of Rs. 3,000 crore and a green shoe option of Rs. 4,500 crore, befo...