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.

• Jain Irrigation Drops 7% After Surprise Q4 Loss
• Nazara Tech Surges 16% as Nikhil Kamath Picks Up Stake
• Fujiyama Power Hits Upper Circuit After Q4 Profit More Than Doubles
• Apollo Tyres Opens Higher, Then Gives Up Gains Despite 3-Fold Q4 Profit Jump
• SEPC Shares Gain 1% on Securing a Contract Worth Rs 521.46 Crore

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