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.
