Union Bank of India’s “Committee of Directors for Raising Capital Funds” on Tuesday approved the raising of funds up to ₹3000 crore through issue of equity shares at a floor price of ₹ 142.78 per equity share to Qualified Institutional Buyers.

This capital raising through Qualified Institutions Placement is subject to the requisite regulatory /statutory approvals, as applicable, the public sector bank said in a regulatory filing. The committee approved the opening of the issue on February 20.

Pursuant to the SEBI ICDR Regulations, the Bank may offer a discount of not more than 5 per cent on the floor price so calculated for the Issue.

Meanwhile, a meeting of the committee is scheduled to be held on February 23, 2024 to, inter alia, consider and approve the issue price, including a discount, if any thereto as permitted under the SEBI ICDR Regulations, for the equity shares to be allotted to Qualified Institutional Buyers, pursuant to the Issue.

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