Public sector lender Union Bank of India today said it has initiated the process of raising up to Rs 2,000 crore through qualified institutional placement (QIP).
The committee of directors for raising capital funds of the bank at the meeting held today approved opening of QIP, Union Bank of India said in a regulatory filing on stock exchanges.
The bank has approved the "issue price of Rs 162.79 per equity share", it said.
The board of the bank in August had given approval for raising Rs 2,000 crore through various instruments, including rights issue and private placement in first tranche during 2017-18.
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