Union Bank Of India to raise Rs. 1,750Cr through QIP

union bank of india funding

State-owned Union Bank of India (UBI) announced on Monday that it has approved raising of Rs 1,750 crore via qualified institutional placement.

The panel of the directors for raising capital funds at its meeting held on May 17, 2021, has accepted raising of funds for an amount not surpassing Rs 1,750 crore via the issue of equity shares through qualified institutions placement (QIP), UBI stated in a regulatory filing.

The panel approved the opening of the issue today, said the lender. The panel has set the floor price of the QIP at Rs 35.60 per equity share.

The bank may offer a discount of not more than 5 percent on the floor price so calculated for the issue, it added.

Union Bank of India scrip closed 1.5 percent up at Rs 37.95 apiece on BSE.

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