NEW DELHI: Union Bank of India on Monday said it will raise up to Rs 5,000 crore through qualified institutional placement.

A Committee of Directors on Raising Capital Funds has, at its meeting held on Monday i.e. August 21, 2023, approved the raising of funds for an amount not exceeding Rs 5,000 crore through the issue of equity shares through Qualified Institutions Placement (QIP), Union Bank said in a regulatory filing.

The floor price of the issue is Rs 91.10 per equity share, while the date of opening of the issue is Monday, the bank added.