/ United Bank Sets Floor Price At Rs 24.44 For Its QIP ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 22 March 2017

Kolkata based public sector unit, United Bank of India’s board of directors have approved the preliminary placement document in connection with the Qualified Institutional Placement (QIP). The bank has set the floor price at Rs 24.44 for its Rs 1500 cr QIP programme.

The QIP opened on March 21, 2017 and closes on March 24, 2017. The board level issue approval committee meeting of the bank for the QIP will be held on March 24, 2017. The board will consider and approve the issue price including discount as permitted under the ICDR regulations for the equity shares to be allotted to QIBs.

Qualified institutional placements allow an Indian listed company to raise funds from domestic investors without submitting any pre-issue filings to market regulator, SEBI.

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