Union Bank of India on Wednesday announced that it would raise not more than Rs 10,100 crore through further public offer and bonds, through an exchange filing.
The bank will raise Rs 8,000 crore in tranches through public offer/ right issue/ private placement that includes qualified institutions placements and/or preferential allotment or a combination of them to any eligible institutions and/or through any other model. This fundraising will be subject to approval from the shareholders of the bank.
Union Bank will also be raising an amount not exceeding Rs 2,100 crore through Basel III compliant Additional Tier 1 (AT 1) Bonds and/or Tier 2 bonds that include foreign currency denominated AT1/Tier 2 Bonds.
The decision was made at the board meeting held on Wednesday.
Shares of Union Bank of India
The shares of Union Bank of India on Wednesday at 2:40 pm were at Rs 74.75, up by 1.22 per cent.
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