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The board of directors of Union Bank of India has approved the raising of up to Rs 5,000 crore through a qualified institutional placement (QIP). The floor price for the QIP has been set at Rs 91.10 per share.
The QIP will be open for subscription from September 1 to September 6, 2023. The proceeds from the QIP will be used to augment the bank’s capital base and meet regulatory requirements.
Union Bank is one of the leading banks in India. It has a strong track record of financial performance. The QIP is expected to be well-received by investors.
Here are some of the key details of the QIP:
- The amount raised: Up to Rs 5,000 crore
- The issue price: Rs 91.10 per share
- The subscription period: September 1 to September 6, 2023
- The purpose of the QIP: To augment the bank’s capital base and meet regulatory requirements
The QIP is expected to be well-received by investors for the following reasons:
- Union Bank is a leading bank with a strong track record of financial performance.
- The QIP is being offered at a discount to the current market price of the shares.
- The QIP is a good opportunity for investors to gain exposure to a well-managed bank.
The QIP is a positive development for Union Bank. It will help the bank to strengthen its capital base and meet regulatory requirements. The QIP is also expected to be well-received by investors, which will provide the bank with much-needed liquidity.
