Union Bank board to mull seeking shareholders’ nod for raising funds

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.