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Union Bank of India gets nod to raise funds up to Rs 7400 crore

Union Bank of India has received approval from its board to raise capital not exceeding Rs 7400 crore by way of core equity capital or through bonds in 2018-19 (FY19). The meeting of the Board of Directors of the Bank held on May 18, 2018, has approved the same. 

For money that can be raised through equity capital, the Bank has been permitted to mop up an amount not exceeding Rs 6850 crore within the overall limit of Rs 7400 crore during FY19 via follow on public issue or rights issue or private placement including qualified institutional placement or by preferential allotment to the government.

The Bank has capped the funds to be raised from additional tier I (ATI) bonds or tier 2 bonds to Rs 3700 crore within the overall capital raising limit of Rs 7400 crore. 

Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.

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