Union Bank gets shareholders nod to raise up to Rs 6,800 cr

It would raise the fund during the current fiscal.The bank will utilise the raised capital for general business purposes, it said.

New Delhi: Shareholders of Union Bank of India on Wednesday approved the bank’s proposal for raising up to Rs 6,800 crore equity capital to fund business growth.

During the Extraordinary General Meeting (EGM), the shareholders passed the special resolution with the requisite majority for raising capital through FPO (Follow-on Public Offering) /Rights or QIP (Qualified Institutional Placement) or preferential allotment, the bank said in a regulatory filing.

---

It would raise the fund during the current fiscal.The bank will utilise the raised capital for general business purposes, it said.