Public sector lender Union Bank of India on Tuesday (February 20) said the Committee of Directors for Raising Capital Funds has approved the raising of funds up to ₹3,000 crore via qualified institutions placement (QIP).
"...we wish to inform you that the Committee of Directors for Raising Capital Funds (“Committee”) has at its meeting held today i.e. February 20, 2024, inter alia approved the raising of funds for an amount not exceeding ₹ 3000 crore through the issue of equity shares through Qualified Institutions Placement subject to the requisite regulatory /statutory approvals, as applicable," according to a stock exchange filing.
The lender said it approved the floor price of ₹142.78 per equity share for the issue and approved the opening of the issue today, i.e. February 20, 2024.
"We further wish to inform you that the ‘Relevant Date’ for the purpose of the Issue, in terms of the Regulation 171(b)(i) of the SEBI ICDR Regulations, is February 20, 2024 and accordingly the Floor Price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is ₹142.78 per equity share. Pursuant to the SEBI ICDR Regulations, the Bank may offer a discount of not more than 5% on the Floor Price so calculated for the issue," the bank said.
Shares of Union Bank of India Ltd ended at ₹141.10, down by ₹0.100, or 0.071%, on the BSE.
(Edited by : Shoma Bhattacharjee)
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