Union Bank of India plans to raise up to ₹6,800 crore

Union Bank of India (UBI), on Thursday, said plans to raise equity capital of up to ₹6,800 crore, including premium, if any, in FY21.

As per the public sector bank’s regulatory filing, the capital-raise will be via various modes such as Follow-on Public Offer, Rights Issue, Private Placement, including Qualified Institutions Placement, and/or Preferential Allotment to the Government of lndia and/or other institutions.

The bank said an Extraordinary General Meeting will be held on December 30to obtain shareholders’ approval for raising of equity capital.

As at September-end 2020, the government owned 89.07 per cent stake in the bank.