Union Bank of India plans to raise up to Rs 6,800 cr to fund biz growth

State-owned Union Bank of India on Wednesday said it proposes to raise up to Rs 6,800 crore during this fiscal to fund business growth.

The board has approved raising of "equity capital up to Rs 6,800 crore (including premium, if any) during 2020-21 by way of various modes such as Public lssue (i.e. Follow-on Public Offer) and/or Rights Issue and/or Private Placements, including Qualified Institutions Placement and/or Preferential Allotment to the Government of lndia," the bank said in a regulatory filing.

The board meeting was held on Wednesday.

Extraordinary General Meeting (EGM) for taking shareholders' approval in this regard will be held on December 30, 2020, it said.