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Union Bank of India to raise Rs 1,386 crore via QIP

05 Sep 2014 Evaluate

Union Bank of India (UBI) is planning to raise Rs 1,386 crore through qualified institutional placement (QIP) in FY15. The bank had already got the approval of the shareholders and RBI in this regard.

The bank is aiming to not just reduce NPAs but also increase profitability. The bank has sold Rs 325 crore worth of bad assets last fiscal.

On the recently launched JanDhan financial inclusion programme, the bank has opened 9.95 lakh accounts under the scheme so far.

Peers
Company Name CMP
State Bank Of India 961.70
PNB 116.10
Bank Of Baroda 230.00
Canara Bank 118.60
Union Bank Of India 172.00
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