Union Bank of India to raise up to ₹5,000 crore through QIP

According to a regulatory filing made today, the board of Union Bank of India has approved funding up to Rs 5,000 crore through a qualified institutional placement (QIP) and set a floor price of 91.10 rupees per share.

The public sector bank's board of directors decided to raise capital during their meeting earlier in the day. 

“We wish to inform you that the Committee of Directors on for Raising Capital Funds has at its meeting held today i.e. August 21, 2023, inter alia: approved the raising of funds for an amount not exceeding ₹5,000 crore through issue of equity shares through QIP subject to the requisite regulatory /statutory approvals, as applicable," the bank said in an exchange filing today.

The public sector bank further announced in an exchange filing that the Committee of Directors for Raising Capital Funds will convene on August 24 to talk about and approve the issue price, as well as any applicable discount permitted by the SEBI ICDR Regulations, for the equity shares that will be distributed to qualified institutional buyers in accordance with the issue.

Source: Media Reports