Union Bank raises Rs 1,447 cr via QIP route

Mumbai: Union Bank of India on Thursday completed its Rs 1,447-crore qualified institutional placement (QIP). The bank had floated a Rs 1,000-crore issue and chose to retain an additional Rs 447 crore under the green-shoe option.

The committee of directors of the bank approved the issue price of Rs 33.8 per equity share of Rs 10 each, which is at a 5% discount to the floor price of Rs 35.6 as determined according to Sebi regulations.

Shares of Union Bank of India closed at Rs36.85 on Thursday. The issue will help the bank reduce the share of government holding, which stood at 89% as of March 2021.