Union Bank of India mops up ₹1,447 cr via QIP issue

Union Bank of India (UBI) received application forms for an aggregate amount of ₹1447.17 crore from eligible Qualified lnstitutional Buyers (QIBs) under Qualified Institutions Placement (QIP) of equity shares.

The public sector bank’s Committee of Directors for Raising of Capital Funds approved the closure of QIP issue on May 20, 2021. The issue had opened on May 17, 2021.

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The Committee determined and approved the issue price of ₹33.82 per equity share of ₹10 each (including a premium of ₹23.82 per equity share), the bank said in a regulatory filing on Thursday evening.

The issue price is at a discount of 5 per cent (₹1.78 per equity share) to the floor price of ₹35.60 per equity share for the equity shares to be allotted to QIBs in the issue, it added.

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