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Union Bank of India to raise 20B rupees in rights issue, QIP

Union Bank of India plans to raise 20 billion rupees by way of a rights issue or a qualified institutional placement during the fiscal year ending March 31, 2018.

G. Rajkiran Rai, managing director and CEO of the bank, said in late July that the bank was looking to raise 35 billion rupees in additional capital during fiscal 2017-2018.

As of Aug. 9, US$1 was equivalent to 63.86 Indian rupees.