Union Bank to raise up to Rs 8,100 cr in capital for business expansion

The lender's board approved raising equity capital up to Rs 3,800 crore, within overall limit of Rs 8,100 crore, said the company in filing with BSE

Union Bank Of India
Premium

BS Reporter Mumbai
State-owned Union Bank of India will raise up to Rs 8,100 crore in capital through instruments like equity shares, additional tier I capital and tier II bonds to support business growth.

The lender’s board approved raising equity capital up to Rs 3,800 crore, within overall limit of Rs 8,100 crore, said the company in filing with BSE. Its stock closed 1.86 per cent higher at Rs 35.55 per share on BSE.

Union Bank has the option to use instruments including Follow-On Public Offer, rights issue, Qualified Institutions Placements and preferential.

The government held 83.49 per cent stake in the bank

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 26 2022 | 9:35 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com