This was below the indicative range of P33.73-P38.23 per share, and a 23 percent discount compared to its closing price the previous day.
A stock rights offer allows a company to raise money from its existing pool of stockholders by issuing shares at below the market price.
In this case, UnionBank aims to raise P10 billion through the issuance of 327.12 million shares.
Proceeds will partly be used to expand its digital banking unit, UnionDigital.
Shareholders will be allowed to purchase a rights share for every 9.13 shares held.
The offer period will run from May 16-24 while listing on the Philippine Stock Exchange is targeted on May 31 this year.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
