Union Bank to get Rs 2,500 cr capital infusion
Mumbai: State-owned Union Bank of India Wednesday said it will get a capital infusion of Rs 2,500 crore as part of the government's plan to recapitalise the public sector banks.
In a BSE filing, the bank said its Board has cleared raising Rs 1,000 crore through preferential or rights issue in addition to Rs 1,500 crore approved earlier.
"Raising equity capital up to Rs 1,000 crore on preferential/QIP/Rights basis towards capital infusion in addition to Rs 1,500 crore approved in Board Meeting held on December 27, 2012 -- total equity infusion of Rs 2,500 crore...," it said.
The capital infusion is subject to various government and regulatory clearances.
The government has approved infusion of Rs 12,517 crore in around 10 state-owned banks by March.
Last fiscal, the government pumped in about Rs 12,000 crore additional in public sector banks as against Rs 20,117 crore in 2010-11.