Union Bank of India to raise capital funds of around Rs 10,000 crore

The shares of the Bank are trading in the green at Nifty 50 index at Rs 147.13 up by 0.57%.

Union Bank of India to raise capital funds of around Rs 10,000 crore

Union Bank of India has announced that the Board of Directors of the bank in its meeting held on 11th June, 2024 has considered to approved the Capital Plan of the Bank to raise capital by an amount not exceeding Rs 10,000 crore.

The raising of the funds for capital gain will be done through following ways-

  Raising of equity capital not exceeding Rs 6,000 Crore in tranche(s) within the overall limit of Rs 10,000 Crore, 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 the approval of Government of India, other regulatory authorities and approval of Shareholders’ of the Bank.

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 And, Raising of 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) within the overall limit of ? 10,000 Crore.

This information has been provided through exchange filing.

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