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

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

• Power Grid Wins ₹199.55 Crore Pune West Transmission Project
• Omaxe Partners Lemon Tree for 10 Hotels Worth ₹4,000 Crore
• Kevin Warsh Avoids Rate Signals, Highlights AI’s Potential at IMF Meeting
• Modison Q2 Profit Doubles to Rs 23.3 Crore on Higher Sales
• Tesla Unveils Roadster With SpaceX Thrusters, Demonstrates Mid-Air Stunts

The committee authorized the opening of the issue today, said the lender. The committee 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 per cent on the floor price so calculated for the issue, it added. Union Bank of India scrip closed 1.5 per cent up at Rs 37.95 apiece on BSE.

Stock Covered in the news

Union Bank of India (UBI)-View Detailed Analysis