Shareholders have approved raising of "capital through FPO/rights/QIP etc by issuing such number of equity shares, up to Rs 3,200 crore," Union Bank of India said in a statement.
FPO or Follow-on Public Offer refers to issuance of shares to all types of public shareholders, while rights issue involves issuance to existing investors. In QIP, placement of shares happens with the qualified institutional investors.
During the quarter ended March 2016, the bank posted 78 per cent decline in net profit to Rs 96.1 crore on account of higher provisioning for bad loans.
Its net NPAs also increased to 5.25 per cent from 2.71 per cent at the end of March 2015.
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