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Friday, Sep 06, 2002

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Applications worth Rs 1,458 cr for Union Bank IPO

M. Ramesh

CHENNAI, Sept. 5

UNION Bank of India's maiden public issue has been oversubscribed five times, sources in the banking industry said.

The bank had come out with an IPO for Rs 288 crore, of which Rs 28 crore was reserved for the employees. Net offer to the public was Rs 260 crore.

Sources said that the issue attracted 3.44 lakh applications from the public, for Rs 1,391 crore. This included `qualified institutional buyers (QIB)' applications for Rs 264 crore.

Employees put in 23,000 applications, for Rs 67 crore. On the overall, the issue attracted 3.67 lakh applications for a total sum of Rs 1,458 crore, sources said.

Sources also said they expected retail investors to be given preference in allotment. The Chairman and Managing Director, Mr V. Leeladhar, had said before the issue opened that 50 per cent of the total issue would be reserved for retail investors, who put in applications for less than 1,000 shares.

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Applications worth Rs 1,458 cr for Union Bank IPO

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