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Union Bank to raise Rs 10,000 cr, including Rs 6,000 cr from stake sale

''This would be subject to the approval of the government, other regulatory authorities and shareholders' approval,'' it added

Union Bank Of India

But the industry experts are not yet ready to give up on the

Press Trust of India New Delhi

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State-owned Union Bank of India on Tuesday approved a proposal to raise Rs 10,000 crore, including Rs 6,000 crore from share sale, to fund its business growth.
The board approved raising equity capital not exceeding Rs 6,000 crore in tranche(s) within the overall limit of Rs 10,000 crore through public issue -- further public offer or rights issue or QIP, Union Bank of India said in a regulatory filing.
 
This would be subject to the approval of the government, other regulatory authorities and shareholders' approval, it added.
The board also approved the 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 Rs 10,000 crore, it noted.
 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jun 11 2024 | 8:13 PM IST

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