June 27, 2015 11:13 pm | Updated 11:13 pm IST - CHENNAI:
Union Bank of India will be raising Rs.3,700 crore for augmenting capital. This will be done through a public issue of shares or a rights issue or private placement, including qualified institutional placement. At the annual general meeting on Friday, the bank moved a special resolution to this effect and got the shareholders’ approval, a notification on the BSE said.
The additional capital is needed to comply with the Basel III requirement and to meet expenditure on future expansion plans.
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