Union Bank of India 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 approved opening of QIP. The bank has approved the issue price of Rs 162.79 per equity share.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.