India, Aug. 29 -- State-owned Union Bank of India has raised $600 million from bonds issued to overseas investors to fund business growth.

The fund raised by issuing USD REG S Senior Unsecured Dual Tranche Notes due 2029 (3 years) and 2031 (5 years) of $300 million each, issued through Union Bank of India Dubai International Financial Centre (DIFC) branch, the bank said in a regulatory filing on Friday.

'Regulation S' tagged instruments are exempt from registration requirements of the US Securities and Exchange Commission (SEC) and can be issued outside the US. The 3-year bonds carries a coupon rate of 5.230 per cent, while 5-year 5.417 per cent to be paid semiannually on February 28 and August 28 each year, it said.

These bonds would ...