Union Bank set to raise Rs2,000 crore
Union Bank of India says it will raise Rs2,000 crore through various instruments, including rights issue and private placement
New Delhi: Union Bank of India on Wednesday said it will raise Rs2,000 crore through various instruments, including rights issue and private placement.
The state-owned lender’s committee of directors at its meeting today approved the capital raising issue.
“The committee... has resolved and approved raising of equity capital through public issue (follow-on public offer) and/or rights issue and/or private placement, including qualified institutional placement for an amount of up to Rs2,000 crore in first tranche during 2017-18,” the bank said in a regulatory filing.
The stock today closed 0.53% down at Rs141.75 on the BSE.