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.
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