In one of the largest equity capital issuances by a public sector bank in recent history, Union Bank of India has successfully raised ₹50,000 million by issuing 577,700,751 equity shares to qualified institutional buyers at a price of ₹86.55 per share on August 25, 2023.
IIFL Securities Limited, BNP Paribas, ICICI Securities Limited, JM Financial Limited, Nuvama Wealth Management Limited and YES Securities (India) Limited have acted as book runners for this QIP.
Saraf and Partners advised IIFL Securities Limited, BNP Paribas, ICICI Securities Limited, JM Financial Limited, Nuvama Wealth Management Limited, and YES Securities (India) Limited in relation to qualified institutions placement by Union Bank of India.
The transaction team was led by Murtaza Zoomkawala (Partner), who was ably assisted by Associates Ipsita Pallavi Sahoo, Rainika Malhotra, Yashvardhan Singh and Apoorva Tyagi.
With the completion of this deal, Saraf and Partners has successfully advised on the largest QIP in India over the last three years.
Crawford Bayley & Co advised Union Bank of India on Indian Law perspective.
The transaction team consisted of Sanjay K Asher (Senior Partner), Viplaw Kashyap (Partner) and Associates Yugandhara Rane, Pratima Pratihar and Pooja Lund.
In last three years, Crawford Bayley has advised Punjab National Bank, Canara Bank, Bank of Maharashtra, Bank of India, Indian Bank, Central Bank of India and J&K Bank for their QIPs.
Dentons US LLP advised Union Bank of India on US Law perspective.
The transaction team was led by John Nelson Chrisman (Partner).
The QIP proceeds will be used to augment the Bank’s tier I capital and help the Bank pursue growth opportunities. The public shareholding of the Bank as of June 30, 2023 was 16.51%. Following the QIP, the public shareholding increased to 23.01% and Government of India’s shareholding was reduced to 76.99%.
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