Union Bank of India advanced 5.07% to Rs 148.25 after the company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 142.78 per share.
The public sector bank's board authorized and declared the opening of the issue on Tuesday, 20 February 2024.The floor price of Rs 142.78 is at a discount of 1.18% to the previous day's closing price of Rs 141.10 on the BSE.
The bank may offer a discount of not more than 5% on the floor price so calculated for the issue.
The lender has also informed that a meeting of the committee is scheduled to be held on Friday, 23 February 2024 to consider and approve the issue price of the equity shares.
The issue price will be determined by the bank in consultation with the book running lead managers appointed for the QIP issue.
Union Bank of India is engaged in the business of treasury operations, corporate and wholesale banking, retail banking operations and other banking operations. The Government of India held 76.99% stake in the bank as on 31 December 2023. The bank has 8,479 branhces, 9,889 ATMs as on 31 December 2023.
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The public lender's standalone net profit climbed 59.92% to Rs 3,589.91 crore on 20.63% rise in total income to Rs 2,9137.26 crore in Q3 FY24 over Q3 FY23.
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