Union Bank Board Approves Plans To Raise Up To ₹60 billion Via Equity, Bonds

Union Bank of India on Wednesday said its board has cleared a proposal to raise up to ₹60 billion through a mix of equity and debt instruments.

Of the total, the bank plans to raise up to ₹30 billion via equity instruments such as public issue, rights issue, or private placements, including qualified institutions placement, it said in an exchange filing.

The board also approved raising up to ₹20 billion through Basel III-compliant additional tier 1 bonds and ₹10 billion via tier 2 bonds. The fundraising may include foreign currency-denominated bonds, all within the overall ₹60 billion limit.