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.