Union Bank of India’s Shareholders has approved proposal for raising up to Rs 6,800 crore equity capital through FPO (Follow-on Public Offering) /Rights or QIP (Qualified Institutional Placement) or preferential allotment in order to meet the minimum capital and leverage ratio requirements under the Basel III guidelines for the expansion of business assets and based on the estimated growth. The bank would raise the fund during the current fiscal.
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.
