Top insurers allotted over 5% equity shares in Union Bank’s Rs 5,000 crore QIP issue

SBI Life Insurance, ICICI Prudential Life Insurance Company Ltd, Life Insurance Corporation of India, BNP Paribas Arbitrage, Bajaj Allianz Life Insurance Company, Morgan Stanley Asia (Singapore) Pte – ODI have been allotted more than 5 per cent of the equity shares offered in Union Bank of India’s Rs 5,000 crore qualified institutions placement (QIP) issue.

SBI Life Insurance got the highest allotment of 11.50 per cent in the QIP issue, followed by ICICI Prudential Life Insurance Company Ltd, Life Insurance Corporation of India (10 per cent each), BNP Paribas Arbitrage (9.14 per cent), Bajaj Allianz Life Insurance Company (6.20 per cent), and Morgan Stanley Asia (Singapore) Pte – ODI (5.31 per cent), per Union Bank’s regulatory filing.

The issue opened on August 21, 2023, and closed on August 24, 2023; the same was intimated to you through our letters dated August 21, 2023, and August 24, 2023, respectively.

The issue price was Rs.86.55 per equity share (including a premium of Rs.76.55 per Equity Share) against the floor price of Rs.91.10 per equity share after considering 4.9945 per cent discount.