Union Bank of India said that its board of directors, at the meeting held today (11 June, 2024) has approved a proposal to raise funds aggregating to Rs 10,000 crore.
The board of the public sector bank has approved raising of equity capital not exceeding Rs 6,000 crore, in tranche(s), through public issue (i.e. further public offer) and/or rights issue and/or private placements including qualified institutions placements and/or preferential allotment or a combination(s) thereof to any eligible institutions and/or through any other mode(s) subject to necessary approvals.
The board has also accorded its approval to raising Basel-III compliant Additional Tier-1 (AT-1) bonds not exceeding Rs 2,000 crore and Tier-2 bonds not exceeding Rs 2,000 crore (including foreign currency denominated AT1/Tier-2 Bonds).
Union Bank of India is engaged in the business of treasury operations, corporate and wholesale banking, retail banking operations and other banking operations. The Government of India held 74.76% stake in the bank as on 31 March 2024. As on 31 March 2024, the bank has 8,466 branches including foreign branches and 8,982 ATMs.
The public sector bank's standalone net profit rose 18.99% to Rs 3,310.55 crore on 13.87% increase in total income to Rs 31,057.52 crore in Q4 FY24 over Q4 FY23.
The scrip shed 0.68% to end at Rs 146.10 on the BSE today.
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