Mega PSU banks merger comes into effect from today onwards; 6 banks cease to exist
The exercise assumes significance as it is taking place at a time when the country is under complete 21-day lockdown.
State-owned lender Union Bank of India said its Board of Directors will meet on Wednesday, November 25 to consider raising equity capital by way of various modes such as public or rights issue.
The bank intends to raise funds through various modes including further public offering, rights issues, private placements including qualified institutions placement, preferential allotment to the Government of India and through any other mode or combination subject to the regulatory approvals, it said in a regulatory filing on Sunday.
The fund raise is subject to approval of the government of India and other regulatory authorities.
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Several banks, both in the private and public sectors have raised planned to raise capital or have already raise in a bid to strengthen their buffer amid the pandemic.
On Monday its shares on the BSE closed at Rs 25.65, higher by 0.39 per cent from its previous close.
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