Union Bank Of India Plans To Raise Up To Rs 6,800 Crore
A customer stands outside a Union Bank of India Ltd. branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Union Bank Of India Plans To Raise Up To Rs 6,800 Crore

Bookmark

State-owned Union Bank of India on Wednesday said it proposes to raise up to Rs 6,800 crore during this fiscal to fund business growth.

The board has approved raising of "equity capital up to Rs 6,800 crore (including premium, if any) during 2020-21 by way of various modes such as Public lssue (i.e. Follow-on Public Offer) and/or Rights Issue and/or Private Placements, including Qualified Institutions Placement and/or Preferential Allotment to the Government of lndia," the bank said in a regulatory filing.

The board meeting was held on Wednesday.

Also read: Lakshmi Vilas Bank To Become DBS Bank India From Friday, Withdrawal Cap Removed

Extraordinary General Meeting for taking shareholders' approval in this regard will be held on Dec. 30, 2020, it said.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.