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Union Bank of India to raise 7B rupees via stake sale in 6 firms

India-based Union Bank of India is looking to raise 7 billion rupees by selling its stakes in six companies, The Financial Express reported Oct. 12, citing a sale document.

The Indian lender is seeking buyers for its 0.41% stake in National Stock Exchange of India Ltd., 2.81% each in National Securities Depository and NSDL eGovernance Infrastructure, 1.95% in Small Industries Development Bank of India, 1% in Clearing Corp. of India Ltd. and 4.15% in JM Financial ARC.

The buyers may submit the bids until Oct. 30.

The bank will not accept bids in a price range but bidders may opt to apply for any or all of the shares offered for sale by the bank. The bids can be submitted for at least 50% of the number of shares of the respective company offered for sale, the bank said.

As of Oct. 11, US$1 was equivalent to 73.92 Indian rupees.