State-owned lender Union Bank of India (UBI) has proposed to raise up to Rs 2,000 crores (approximately $312.4 million) through qualified institutional placement (QIP) with an initial offer of Rs 1,000 crores followed by a green-shoe option for another Rs 1,000 crores, as reported by Financial Express. The placement document was filed with the Indian stock exchanges on 12 December 2017. As a part of the transaction, equity shares of face value of INR 10 each of UBI were placed with QIBs, aggregating to INR 2000 Crores.

Shardul Amarchand Mangaldas advised and acted as the sole legal counsel to for all the legal aspects of the transaction for Union Bank of India and was represented by its capital markets team led by partner Kaushik Mukherjee and partner Jay Parikh along with principal associate Narayan Kedia, senior associate Murtaza Zoomkawala and associates Saswat Mohanty, Nirali Trivedi and Varun Kumar.

Luthra & Luthra partners Manan Lahoty and Ravi Dubey, with associates Devaditya Chakravarti, Soumya Cheedi and Nikita Nagori acted as the Indian legal counsel for Jefferies India, Edelweiss Financial Services, ICICI Securities and Yes Securities (India), the book running lead managers to the issue.

Squire Patton Boggs represented as the international legal counsel to the book running lead managers as to non-Indian laws.