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Union Bank of India to raise 45.24B rupees via share issue

Union Bank of India plans to raise up to 45.24 billion rupees by issuing equity shares to the government of India on a preferential basis.

The bank said March 16 that it has set the issue price at 144.62 rupees per share, including a premium of 134.62 rupees.

After the share issue, the government's holding in the bank will increase to 67.43% from 55.52%.

The move is part of a wider plan by the Indian government to inject capital into public-sector banks.

As of March 16, US$1 was equivalent to 65.03 Indian rupees.