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Union Bank of India to raise up to Rs 2,000 cr via QIP

Press Trust of India  |  New Delhi 

Public sector lender Union of 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 at the meeting held today approved opening of QIP, of 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 07 2017. 21:50 IST