New Delhi, Jun 25 (PTI) State-owned Union Bank of India on Wednesday said the bank plans to garner Rs 6,000 crore through a mix of equity and debt to fund its business growth.

The decision in this regard was taken in the board meeting held on Wednesday, Union Bank of India said in a regulatory filing.

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The board approved raising of equity capital not exceeding Rs 3,000 crore in tranche(s) through public issue (further public offer) and/or rights issue and/or private placements including qualified institutions placements or a combination(s) thereof to any eligible institutions, it said.

It is subject to the approval of the government, other regulatory authorities and approval of shareholders of the bank, it said.

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Besides, the board has also cleared a proposal to raise Basel-III compliant Additional Tier-1 (AT-1) bonds not exceeding Rs 2,000 crore and Tier-2 bonds not exceeding Rs 1,000 crore (including foreign currency denominated AT-1/Tier-2 bonds), it said.

(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)