Union Bank of India has started the process of raising up to Rs.2,000 crore via qualified institutional placement (QIP).

In a regulatory filing to stock exchanges, Union Bank of India stated, “The committee of directors for raising capital funds of the bank at the meeting held today approved opening of QIP. ”

Further it stated that, the bank has approved the issue price of Rs.162.79 per equity share.”

Read EquityPandit’s Technical Analysis on Nifty Bank Outlook for the Week