Morgan Stanley, Societe Generale, HDFC Life Among Investors In Union Bank Of India QIP

Morgan Stanley Asia, Societe Generale, and HDFC Life Insurance Co. are among the marquee investors in Union Bank of India's recently launched qualified institutional placement.

The state-run lender allotted 22.1 crore shares to investors at an issue price of Rs 135.65 apiece to raise Rs 3,000 crore, according to an exchange filing. The floor price was set at Rs 142.78.

The issue was opened on Feb. 20 and closed on Feb. 23.

While Morgan Stanley secured an allotment of 9.5%, Societe Generale got 8.9% in the QIP.

HDFC Life was allotted 8.4%, followed by BNP Paribas Financial Markets (8.1%), SBI Life Insurance Co. (7%), and Sundaram Mutual Fund (5.6%).

Shares of Union Bank of India closed 0.96% higher at Rs 147.20 apiece before the announcement, as compared with a 0.48% decline in the benchmark BSE Sensex.