Latest News | Union Bank of India Gets Board Approval to Raise Up to Rs 8,100 Cr

New Delhi, May 26 (PTI) State-owned Union Bank of India (UBI) on Thursday said its board of directors has approved raising up to Rs 8,100 crore by issuing equity shares through various modes.

The board of directors, in its meeting held on May 26, considered and approved raising of equity capital not exceeding Rs 3,800 crore, within the overall limit of Rs 8,100 crore, the bank said in a regulatory filing.

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Besides, the lender got the approval for raising of additional tier I (AT I) and/or tier II bonds not exceeding Rs 4,300 crore within the overall limit of Rs 8,100 crore, it said.

The equity funds are to be raised through various modes such as public issue of shares (follow on public offer) or rights issue or on a private placement basis.

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Likewise, the funds to be raised by issuing bonds can be raised through issuance of green or foreign currency denominated AT I/II bonds.

UBI said it will seek approval from the shareholders for the proposed fund raising plan in its Annual General Meeting (AGM) scheduled for June 30.

Shares of the lender rose nearly 2 per cent to close at Rs 35.55 apiece on BSE.

(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)