Union Bank of India has decided to defer the plan to raise Rs 1,386 crore funds via Qualified Institutional placement (QIP). They were planning to do it this fiscal but now it’s delayed for next fiscal
According to reports, Union Bank of India Chairman and Managing Director, Arun Tiwari said that,” We will hit the market at the right time. The plan to raise Rs 1,386 crore fund through QIP was already aprroved.”
Union Bank has already taken the stakeholder’s approval for fund raising already in June last year,
Union Bank of India has also planned to raise Rs 2,000 crore capital. They would issue Additional Tier 1 Bonds.