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Union Bank Board Approves ₹10,000 Crore Fundraising via QIPs and Bonds

June 11th, 2024 News

Union Bank Board Approves ₹10,000 Crore Fundraising via QIPs and Bonds

Public sector lender Union Bank of India Ltd. announced on June 11 that its board has approved raising funds up to ₹10,000 crore. The capital will be raised through a combination of public issues, rights issues, or private placements, including qualified institutions placements (QIPs), and Basel III compliant Additional Tier 1 (AT 1) Bonds and/or Tier 2 bonds.

Fundraising Details

Total Amount: Up to ₹10,000 crore
QIP and Public Issue: Up to ₹6,000 crore

To be raised through public issue, rights issue, or private placements
Subject to approval from the Government of India, other regulatory authorities, and shareholders

Basel III Compliant Bonds: Up to ₹4,000 crore

Includes Additional Tier 1 (AT 1) Bonds and Tier 2 Bonds
Foreign currency denominated AT1/Tier 2 Bonds included

Previous Fundraising Efforts

This marks the third instance of fundraising by Union Bank in four months:

February 2024: Raised up to ₹3,000 crore through QIP
August 2023: Raised up to ₹5,000 crore through QIP

Market Reaction
Following the announcement, shares of Union Bank ended 0.29% lower at ₹146.80 apiece on the NSE on Tuesday. However, the stock has gained more than 21% so far this year.

Union Bank's consistent efforts to strengthen its capital base through various fundraising initiatives reflect its strategic focus on growth and stability. Keep an eye on this stock as it continues to evolve in the financial landscape.

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Blog

Union Bank Board Approves ₹10,000 Crore Fundraising via QIPs and Bonds

Union Bank Board Approves ₹10,000 Crore Fundraising via QIPs and Bonds

Fundraising Details

Previous Fundraising Efforts

Market Reaction Following the announcement, shares of Union Bank ended 0.29% lower at ₹146.80 apiece on the NSE on Tuesday. However, the stock has gained more than 21% so far this year.

Related Post

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Market Reaction
Following the announcement, shares of Union Bank ended 0.29% lower at ₹146.80 apiece on the NSE on Tuesday. However, the stock has gained more than 21% so far this year.