Money & Bankin

Union Bank board gives nod for fund-raising

Our Burea Mumbai | Updated on June 30, 2021

Plans to raise ₹9,700 crore via equity and bonds

Union Bank of India’s board of directors on Wednesday approved fund raising, including via equity and bonds, of up to ₹9,700 crore.

Within the overall limit of ₹9,700 crore, the public sector bank is planning to raise up to ₹3,500 crore via equity and up to ₹6,200 crore via bonds (Additional Tier 1 and/or Tier 2), according to a regulatory filing.

The raising of equity capital will be through one or more routes, including follow-on public offer, rights issue, private placement (including Qualified Institutions Placement) and preferential allotment to the Government of India and/or other institutions, as per the filing.

The bank will be obtaining shareholders’ approval for the capital plan at the 19th Annual General Meeting (AGM) on August 10.

Published on June 30, 2021

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Union Bank of India
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