Union Bank of India on Wednesday announced that the bank's board of directors approved capital plan of the bank to raise capital funds up to Rs 9,700 crore.
In a regulatory filing after market hours yesterday, Union Bank of India announced that its board has approved raising of equity capital not exceeding Rs 3,500 crore, within the overall limit of Rs 9,700 crore, through public issue (i.e. Follow-on Public Offer) and/or rights issue and/or private placements, including Qualified Institutions Placements and/or preferential allotment to the Government of India and/or other institutions and/or through any other mode(s).
The board of the bank also approved raising of AT 1 and/or Tier 2 bonds not exceeding Rs 6,200 crore within the overall limit of Rs 9,700 crore.
Shares of Union Bank of India were trading 1.04% higher at Rs 38.95 on BSE.
Union Bank of India is a state-run bank. The Government of India held 89.07% stake in the bank as on 31 March 2021. It has a network of 9,590 branches and 13,287 ATMs across the country.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU