Friday, May 18, 2018

Union Bank to raise up to ₹7,400 crore

Public sector Union Bank of India on Friday said it has got approval from its board to raise up to ₹7,400 crore in the current financial year by way of core equity capital or through bonds.
The bank has capped the money to be raised from additional tier I (ATI) bonds or tier 2 bonds to ₹3,700 crore within the overall capital raising limit of ₹7,400 crore. For money that can be raised via equity capital, the bank said it has been permitted to mop up an amount not exceeding ₹6,850 crore within overall limit of ₹7,400 crore.

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