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UBI gets SEBI approval for Rs 1,000-cr equity issue via QIP

UBI proposes to get the board's nod for the issue of five crore equity shares in the form of ESOPs/ESPs in one or more tranches

Press Trust of India  |  Kolkata 

UBI gets SEBI approval of Rs 1,000 cr equity shares via QIP

State-owned lender United of today said it has received market regulator SEBI's approval for issue of equity worth Rs 1,000 crore by way of institutional placement. The Kolkata-headquartered had in January informed the bourses it planned to raise up to Rs 1,500 crore through qualified institutional placement (QIP), rights or public issue. The lender had raised Rs 127.49 crore through sale of to qualified institutional investors in May. The approved allotting over 5.49 crore to qualified institutional buyers at issue price of Rs 23.22 per share, it had said in a regulatory filing. had earlier said it plans to raise up to Rs 500 crore of listed additional tier-I debt instruments in the nature of bonds. The lender would seek approval for this amount from its board, which is scheduled to meet on December 6. At the same meeting, the also proposes to get the board's nod for the issue of five crore equity in the form of in one or more tranches.

First Published: Wed, November 22 2017. 20:40 IST