Union Bank of India aims to raise ₹ 1,386 crore through a qualified institutional placement (QIP) issue. The QIP is likely to be floated by the end of this fiscal.
"The QIP may be floated after the second quarter. We have got the shareholder approvals and necessary clearances from RBI," Arun Tiwari, Chairman and Managing Director, Union Bank of India, said.
He was speaking to reporters on the sidelines of the 11th FICCI Banking Conclave organised here in the city.
This apart, the bank will also look to upgrade its representative office in Sydney (Australia) to a full-fledged branch office.
The Sydney office will be operational by the end of this fiscal.