Board of Union Bank has cleared raising Rs1,000 crore through preferential or rights issue in addition to Rs1,500 crore approved earlier
Mumbai: State-owned Union Bank of India said it will receive a capital infusion of Rs2,500 crore as part of the government's plan to recapitalise the public sector banks, reports PTI.
In a BSE filing, the bank said its Board has cleared raising Rs1,000 crore through preferential or rights issue in addition to Rs1,500 crore approved earlier.
"Raising equity capital up to Rs1,000 crore on preferential/ QIP/ Rights basis towards capital infusion in addition to Rs1,500 crore approved in Board Meeting held on 27 December 2012 -- total equity infusion of Rs2,500 crore...," it said.
The capital infusion is subject to various government and regulatory clearances.
The government has approved infusion of Rs12,517 crore in around 10 state-owned banks by March.
Last fiscal, the government pumped in about Rs12,000 crore additional in public sector banks as against Rs20,117 crore in 2010-11.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
