Union Bank of India jumps on getting nod to raise funds through various modes
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Union Bank Of India is currently trading at Rs. 74.86, up by 1.09 points or 1.48% from its previous closing of Rs. 73.77 on the BSE.
The scrip opened at Rs. 73.60 and has touched a high and low of Rs. 75.10 and Rs. 73.25 respectively. So far 595898 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 96.40 on 14-Dec-2022 and a 52 week low of Rs. 33.55 on 12-May-2022.
Last one week high and low of the scrip stood at Rs. 75.18 and Rs. 70.91 respectively. The current market cap of the company is Rs. 51212.76 crore.
The promoters holding in the company stood at 83.49%, while Institutions and Non-Institutions held 9.95% and 6.56% respectively.
Union Bank of India has received approval to raise Basel III compliant Additional Tier 1 (AT 1) Bonds and/or Tier 2 bonds (including foreign currency denominated AT1/Tier 2 Bonds) not exceeding Rs 2,100 crore within the overall limit of Rs 10,100 crore. The Board of Directors in its meeting held on April 26, 2023 considered & approved the same.
Besides, the bank has also received approval for raising of equity capital not exceeding Rs 8,000 crore in tranche within the overall limit of Rs 10,100 crore, through Public Issue (i.e. Further Public Offer) and/or Rights Issue and/or Private Placements including Qualified Institutions Placements and/or Preferential Allotment or a combination thereof to any eligible institutions and/or through any other mode subject to the approval of Government of India, other regulatory authorities and approval of Shareholders’ of the Bank.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
