UNION BANK RAISES EQUITY CAPITAL OF RS 5,000 CR VIA QIP

In one of the largest equity capital raising issue in public sector banking space in the recent past, Union Bank of India has successfully raised equity capital of Rs 5000 crore via qualified institutions placement (QIP) on 25 August, 2023.

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The issue which opened on 22 August, 2023 received 100 per cent subscription.

India’s 5th largest public sector bank allotted 57.77 crore shares at a price of Rs 86.55 per share (including premium of Rs 76.55 per share) aggregating to Rs 5,000 crore representing a discount of 4.9945 per cent to the floor price determined as per regulatory guidelines. The Managing Director and CEO A Manimekhalai views the successful capital raising as a demonstration of continued faith of investors on the bank’s growth trajectory and prospects.