ADVERTISEMENT
Union Bank Of India Plans To Raise Up To Rs 6,800 Crore
An extraordinary general meeting for shareholders’ approval will be held on Dec. 30, 2020.
25 Nov 2020, 11:45 PM IST 
A customer stands outside a Union Bank of India Ltd. branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)
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.
Opinion
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.