SINGAPORE, 21 March 2024 — Duane Morris & Selvam LLP acted as the international counsel to Union Bank of India (the “Union Bank’) on its recent sale of INR 30,0000 million (US$360 million) of its equity shares in a qualified institutions placement, including a private placement in the United States.
Union Bank is a public sector bank. As at December 31, 2023, Union Bank of India had total advances of INR 8,959,740.80 million, a network of 8,479 branches, 9,889 ATMs, 18,987 business correspondents, an employee base of 76,372 and a customer base of over 152.40 million.
IIFL Securities Limited, BNP Paribas, HDFC Bank Limited, IDBI Capital Markets & Securities Limited, and JM Financial Limited were the book running lead managers for the offering.
Duane Morris & Selvam’s team was led by Jamie Benson, the head of the U.S. capital markets, U.S. venture capital and India practices. The team also included Hope Krebs, partner, and Ananth Balaji Sundararaman, senior associate.
Luthra and Luthra Law Offices acted as Indian legal counsel to Union Bank and Saraf and Partners acted as Indian legal counsel to book running lead managers.