Union Bank looks to raise Rs 955 cr through preferential issue

Union Bank of India is looking to raise up to Rs 955 crore through preferential allotment of shares. The bank's Board on Wednesday approved a proposal issue up to 2.6 lakh crore shares to LIC on a preferential allotment basis. This works to 5 per cent of the bank's equity share capital and is expected to raise up to Rs 600 crore. The bank will also raise up to Rs 355 crore by issuing shares to the government, the BSE announcement said.