UBI gets shareholders’ nod to raise Rs.3,700 crore

Chennai, June 27 (IANS) Government-owned mortgage lender Union Bank of India (UBI) has got shareholders’ approval to raise Rs.3,700 crore as capital, which includes capital infusion by the central government, the bank said.

The shareholders gave the approval at the annual general meeting held on June 26 in Mumbai.

In a regulatory filing in the Bombay Stock Exchange (BSE) on June 27 the bank said it will raise the additional capital through follow on public issue or rights issue, private placement and includes equity infusion by the central government.

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