Union Bank of India files draft document

Mumbai: Union Bank of India has priced its initial public offer (IPO) of 18 crore shares at an issue price of Rs 15-18 per share to raise Rs 270-324 crore. The bank has filed its draft offer document with the Securities and Exchange Board of India.

The bank proposes to return a capital of Rs 58 crore to the Indian government.

The issue is being lead managed by ICICI Securities and Finance Co Ltd, DSP Merill Lynch Ltd, Enam Financial Consultants Pvt Ltd, JM Morgan Stanley Pvt Ltd, Kotak Mahindra Capital Company Ltd and SBI Capital Markets Ltd.