Union Bank of India (NSEI:UNIONBANK) announced that it plans to raise INR 30,000 million through a qualified institutional placement (QIP), with a floor price set at INR 142.78 per share. "We wish to inform you that the Committee of Directors for Raising Capital Funds ("Committee") has at its meeting held today i.e. February 20, 2024 approved the raising of funds for an amount not exceeding INR 30,000 million through issue of equity shares through Qualified Institutions Placement subject to the requisite regulatory /statutory approvals," said the bank in a stock exchange filing. "We further wish to inform you that the 'Relevant Date' for the purpose of the Issue, in terms of the Regulation 171(b)(i) of the SEBI ICDR Regulations, is February 20, 2024 and accordingly the Floor Price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs.

142.78 per Equity Share. Pursuant to the SEBI ICDR Regulations, the Bank may offer a discount of not more than 5% on the Floor Price so calculated for the Issue," the bank said.