Union Bank Of India Launches QIP To Raise Rs 3,000 Crore

Union Bank of India has approved and launched its qualified institutional placement on Tuesday to raise up to Rs 3,000 crore.

In a meeting, the committee of directors for raising capital funds approved the floor price at Rs 142.78 per equity share, according to an exchange filing.

The public sector bank may, at its discretion, offer a discount of not more than 5% on the floor price.

Shares of Union Bank of India closed 0.07% lower at Rs 141.10 apiece on the BSE before the announcement, as compared with a 0.48% advance in the benchmark Sensex.