Union Bank aims to raise $500 mln in bonds by Mar-CMD

NEW DELHI, Nov 18 (Reuters) - Union Bank of India (UNBK.BO: Quote, Profile, Research) aims to raise $500 million through bonds under its medium-term note programme by March, chairman and managing director M.V. Nair said on Wednesday.

The bank will be issuing the bonds to fund its overseas operations, Nair added.

Contrary to expectations of the bank coming out with a follow-on public issue this fiscal, Nair said: "There is no proposal of FPO this fiscal."

Nair was speaking on the sidelines of a Union Bank event. (Reporting by Rajesh Kumar Singh and Manoj Kumar; editing by Sunil Nair)