The Shareholders of Union Bank of India on Wednesday approved the bank’s proposal to raise up to Rs 6,800 crore equity capital.
During the Extraordinary General Meeting (EGM), the shareholders passed the special resolution with the requisite majority for raising capital through FPO (Follow-on Public Offering) /Rights or QIP (Qualified Institutional Placement) or preferential allotment.
Notice to Shareholders
“In order to meet the minimum capital and leverage ratio requirements under the Basel III guidelines for the expansion of business assets and based on the estimated growth, your directors have decided to raise equity share capital up to Rs 6,800 crore,”
Fund Utilisation
The bank will utilise the raised capital for general business purposes.
Press the Bell Icon for notifications of all updates
