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Union Bank board to mull seeking shareholders' nod for raising funds
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SME Times News Bureau | 23 Nov, 2020
The Board of Directors of Union Bank of India will meet on Wednesday,
November 25 to consider seeking shareholders' approval for raising
capital by several modes.
The bank intends to raise funds through
various modes including further public offering, rights issues, private
placements including qualified institutions placement, preferential
allotment to the Government of India and through any other mode or
combination subject to the regulatory approvals, it said in a regulatory
filing on Sunday.
Several banks, both in the private and public
sectors have raised planned to raise capital or have already raise in a
bid to strengthen their buffer amid the pandemic.
On Friday, its shares on the BSE closed at Rs 25.55, higher by 1.19 per cent from its previous close.
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