Union Bank of India has raised funds through Qualified Institutional Placement (QIP). The offer of QIP was oversubscribed and the bank has issued 12.93 crore shares aggregating to Rs 2,000 crore. The amount raised will augment the capital adequacy and help in the business expansion of the banks.
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.