Union Bank plans to raise up to Rs 4,900 crore in equity in H2FY20

Shareholders' nod for raising equity capital will be sought at its annual general meeting on June 28

Union Bank of India plans to raise up to Rs 4,900 crore in equity in the second half of the current financial year to support its loan growth plans.

The board of directors approved its capital-raising plan for FY20 at its meeting on Wednesday.

Rajkiran Rai G, managing director & chief executive of the bank, said the board had set an overall capital-raising limit of Rs 6,000 crore for FY20. With this limit, the lender also has the option of raising up to Rs 4,200 crore through additional tier-I and tier-2 bonds. 

Shareholders' nod for raising equity capital will be sought at its