Union Bank of India to raise up to Rs 5,000 crore through qualified institutional placement

Union Bank of India

A Committee of Directors on Raising Capital Funds approved the raising of funds for an amount not exceeding Rs 5,000 crore through the issue of equity shares through Qualified Institutions Placement (QIP) at its meeting on Monday, Union Bank said in a regulatory filing.

According to the exchange filing, the committee “approved the opening of the issue” and “approved the floor Price of Rs 91.10 per equity share.”

The panel approved raising money “not exceeding Rs 5,000 crore through issue of equity shares through qualified institutional placement subject to the requisite regulatory /statutory approvals,” according to the state-run lender.

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Union Bank stated in another exchange filing that the committee will meet again on August 24 to “consider and approve the issue price, including a discount, if any, thereto” for the equity shares to be distributed to eligible institutional buyers under the offer.

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