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.

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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.

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