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Universal Times Magazine > Blog > Banking > Union Bank gets shareholders nod to raise up to Rs 6,800 crore
Banking

Union Bank gets shareholders nod to raise up to Rs 6,800 crore

Gaurav Verma
Last updated: 2020/12/30 at 8:29 PM
Gaurav Verma
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The Shareholders of Union Bank of India on Wednesday approved the bank’s proposal to raise up to Rs 6,800 crore equity capital.

Contents
Notice to ShareholdersFund Utilisation

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.

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Gaurav Verma December 30, 2020 December 30, 2020
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