Union Bank to raise up to Rs 1,500 cr through Tier I, II capital bonds

Union Bank of India will be raising up to Rs 1,500 crore through Tier I and Tier II bonds in the current financial year. The Public Sector Bank announced this in a notice on the Bombay Stock Exchange on Monday. The bank’s Board approved the fund raising in its meeting held on December 22, said the BSE notice.

It had announced earlier on BSE that it will hold a Board Meeting on December 27 to consider raising equity capital by way of preferential allotment, Qualified Institutional Placement or Rights issue.

D Sarkar, Chairman and Managing Director, Union Bank of India had earlier said that the bank is expecting the central government to infuse about Rs 950-1,000 crore in the current financial year.

http://www.business-standard.com/india/news/union-bank-to-raiseto-rs-1500-cr-through-tier-i-ii-capital-bonds/200437/on