Latest News | Union Bank Board Approves Plan to Raise Rs 10,000 Cr

New Delhi, Jun 11 (PTI) State-owned Union Bank of India on Tuesday approved a proposal to raise Rs 10,000 crore, including Rs 6,000 crore from share sale, to fund its business growth.

The board approved raising equity capital not exceeding Rs 6,000 crore in tranche(s) within the overall limit of Rs 10,000 crore through public issue -- further public offer or rights issue or QIP, Union Bank of India said in a regulatory filing.

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This would be subject to the approval of the government, other regulatory authorities and shareholders' approval, it added.

The board also approved the raising of Basel III compliant Additional Tier 1 (AT 1) Bonds not exceeding Rs 2,000 crore and Tier 2 Bonds not exceeding Rs 2,000 crore (including foreign currency denominated AT1/Tier 2 Bonds) within the overall limit of Rs 10,000 crore, it noted.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)