Mumbai: The
Rs 288-crore initial public offer of Union Bank of India
has been oversubscribed nearly three times. The issue
of 18-crore shares opened on 20 August 2002 and closed
on 28 August 2002.
The
Rs 10-equity share was issued at a premium of Rs 6. In
spite of the fact that the markets are a bit shaky, brokers
expect the stock to debut between Rs 18 and Rs 20.
Union
Bank has received an in-principle approval for return
of capital amounting to Rs 58 crore to the government.
Post-issue, the paid-up capital of the bank will be Rs
460 crore, of which 60.8 per cent will be held by Government.
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