Union Bank of India to Raise ₹3,000 Crore via QIP

Union Bank of India to raise ₹3,000 crore via QIP : Union Bank of India’s “Committee of Directors for Raising Capital Funds” on Tuesday approved the raising of funds up to ₹3000 crore through issue of equity shares at a floor price of ₹ 142.78 per equity share to Qualified Institutional Buyers. This capital raising through Qualified Institutions Placement is subject to the requisite regulatory /statutory approvals, as applicable, the public sector bank said in a regulatory filing.

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The committee approved the opening of the issue on February 20. Pursuant to the SEBI ICDR Regulations, the Bank may offer a discount of not more than 5 per cent on the floor price so calculated for the Issue.