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Union Bank of India seeks to raise 74B rupees via share, debt issue

Union Bank of India plans to raise up to 74 billion rupees through the issuance of equity or and/or bonds in the financial year ending March 31, 2019.

The lender placed a cap of up to 68.50 billion rupees for funds raised through equity capital, and up to 37 billion rupees for funds raised through the issuance of Additional Tier 1 and Tier 2 bonds.

The issuance is subject to shareholder approval and other regulatory approvals, according to a May 18 stock exchange filing.

As of May 18, US$1 was equivalent to 68.02 Indian rupees.