Union Bank has seen participation by banks, asset management companies, insurance companies and foreign portfolio investors.
MUMBAI, Mar 1 (The CONNECT) – Union Bank of India has raised equity capital of ₹ 3,000 crore via Qualified Institutions Placement (QIP). The Issue was opened on February 20, 2024 and received strong interest from high quality Domestic and Foreign Portfolio Investors. The bank has allotted 22.11 crore Shares at price of ₹ 135.65 per share (including premium of ₹ 125.65 per share) aggregating to ₹ 3,000 crore representing a discount of approximately 5% to the floor price determined as per Regulatory guidelines.
The bank has seen participation by a diversified investor base which includes Banks, Asset Management Companies, Insurance Companies and Foreign Portfolio Investors, thereby ensuring diversification of the shareholder base of Union Bank of India.
A Manimekhalai, MD & CEO, said the QIP Proceeds will augment the Capital base and help it pursue growth its opportunities “as we endeavour to create value for our Customers & Shareholders”