Union Bank of India to raise upto Rs 8,100 cr
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The PSU bank aims to raise equity capital upto Rs 3,800 crore and issue AT 1/Tier 2 bonds not exceeding Rs 4,300 crore. The board of the PSU bank on 26 May 2022 approved to raise capital funds to the tune of Rs 8100 crore. The bank plans to raise equity capital of upto Rs 3,800 crore through public issue (i.e. follow-on public offer) and/or rights issue and/or private placements, including qualified institutions placements and/or preferential allotment to the Government of India and/or other institutions and/or through any other mode.
Further, the bank aims to raise AT 1 and/or Tier 2 bonds not exceeding Rs 4,300 crore. The state-run bank's net profit rose 8.26% to Rs 1,440 crore on 10.98% increase in interest income to Rs 17,174 crore in Q4 March 2022 over Q4 March 2021. As of 31 March 2022, the Government of India held 83.49% stake in the bank.
