Union Bank of India’s board has approved raising of equity capital up to Rs 6,800 crore (including premium, if any) during 2020-21 by way of various modes such as Public issue (i.e. Follow-on Public Offer) and/or Rights Issue and/or Private Placements, including Qualified Institutions Placement and/or Preferential Allotment to the Government of India. The Board of Directors of the bank in its meeting held on November 25, 2020, has approved the same. Extraordinary General Meeting (EGM) for taking shareholders' approval in this regard will be held on December 30, 2020.
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.
