Union Bank of India to raise 2900 crores by March 2017
DSIJ Intelligence / 27 Oct 2016
Union Bank of India has informed BSE that the Bank’s committee of directors for raising of Capital Funds at its meeting held on October 26, 2016 discussed the capital position of the Bank and advised to raise up to Rs 2900 crore of debt capital by March 31, 2017.
Union Bank of India has informed BSE that the Bank’s committee of directors for raising of Capital Funds at its meeting held on October 26, 2016 discussed the capital position of the Bank and advised to raise up to Rs 2900 crore of debt capital by March 31, 2017 by way of issue of Basel III compliant Perpetual Debt Instruments or Basel III compliant Tier 2 bonds in foreign currency and or Indian rupee, at par, through public offer / private placement to overseas or Indian investors.
The shares are excepted to open in green following the capital raising plans. The shares of the bank in the last 3 months have surged by 11 per cent. Fifty-two-week High/Low stands at Rs 173.90/104.05.Meanwhile the Sensex on October 27 has opened at 27761.91 down by 75 points which has been majorly dragged by Tata stocks which have opened in red following Cyrus Mistry’s five pages’ letter.
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