Union Bank of India to garner ₹6,000 crore through equity, debt mix

State-owned Union Bank of India on Wednesday said the bank plans to garner Rs 6,000 crore through a mix of equity and debt to fund its business growth. 

The decision in this regard was taken in the board meeting held on Wednesday, Union Bank of India said in a regulatory filing. 

The board approved raising of equity capital not exceeding Rs 3,000 crore in tranche(s) through public issue (further public offer) and/or rights issue and/or private placements including qualified institutions placements or a combination(s) thereof to any eligible institutions, it said. 

It is subject to the approval of the government, other regulatory authorities and approval of shareholders of the bank, it said. 

Besides, the board has also cleared a proposal to raise Basel-III compliant Additional Tier-1 (AT-1) bonds not exceeding Rs 2,000 crore and Tier-2 bonds not exceeding Rs 1,000 crore (including foreign currency denominated AT-1/Tier-2 bonds), it said.