Union Bank of India plans to raise up to 49.50 billion rupees through the issuance of equity shares.
The bank may raise the equity share capital through a public issue, a private placement or through a preferential issue to the government. It is seeking shareholder approval on the plan, according to a May 29 disclosure.
The shares will rank pari passu with the bank's existing equity shares. Holders of the shares will not be able to sell or transfer the securities for a period of one year from the date of allotment.
The bank said it will use proceeds from the issuance for general business purposes.
As of May 29, US$1 was equivalent to 64.54 Indian rupees.