Union Bank of India is planning to raise Rs 2,500 crore through qualified institutional placement (QIP) next month. Recently, the bank has received its shareholders’ approval for raising capital of up to Rs 3,700 crore, including capital infusion by the government, through public issue and/or rights issue or private placement.
The city-based bank, which missed out capital infusion from the government last fiscal, has sought above Rs 1,200 crore this fiscal. Currently, the government holds 60.13 per cent in the city-based bank.
