Union Bank to get Rs2,500 crore capital infusion from government
MDT/PTI 31 January 2013

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.

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