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Union Bank of India to raise 49.50B rupees via share issuance

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.