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Board of Union Bank of India approves capital plan up to Rs 10,300 for FY 21

Capital Market 

At meeting held on 29 July 2020

The Board of Union Bank of India at its meeting held on 29 July 2020 has approved -

1. Capital Plan of the Bank for the FY 2020-21 to raise capital funds by an amount not exceeding Rs.10,300 crore, subject to:

a) raising of equity capital not exceeding Rs. 6,800 crore through Public lssue (i.e. Follow-on Public Offer) and/or Rights lssue and/or Private Placements, including Qualified Institutions Placements and/or Preferential Allotment to the Government of India and/or other institutions and/or through any other mode(s); and/or,

b) raising of AT 1 and/or Tier II bonds not exceedirig Rs. 9,400 crore.

and with the necessary approvals including the approval of shareholders, if any, for the same at an appropriate time.

2. Opening Balance Sheet of the Amalgamated Bank as at 01 April 2020 i.e. post amalgamation of Andhra Bank and Corporation Bank into Union Bank of India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 30 2020. 09:56 IST