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Union Bank plans up to ₹3,000 crore QIP after board approval

Union Bank of India logoUnion Bank of India
Sig3.65Sen+6.20Env0.00Soc0.00Gov+1.50

Union Bank of India shares rose nearly 7% after the bank approved raising up to ₹3,000 crore via a qualified institutional placement (QIP) of equity shares, subject to regulatory/statutory approvals. The issue opened Tuesday, Feb. 20, with a floor price of ₹142.78. The bank also reported higher profit and improved capital adequacy, with CRAR at 15.03% as of Dec. 31, 2023.

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