Union Bank of India gains on getting nod to raise funds up to Rs 10,000 crore

Union Bank of India is currently trading at Rs. 147.25, up by 1.15 points or 0.79% from its previous closing of Rs. 146.10 on the BSE.

The scrip opened at Rs. 147.00 and has touched a high and low of Rs. 147.90 and Rs. 146.50 respectively. So far 348820 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 172.45 on 03-Jun-2024 and a 52 week low of Rs. 68.00 on 26-Jun-2023.

Last one week high and low of the scrip stood at Rs. 151.00 and Rs. 143.05 respectively. The current market cap of the company is Rs. 112137.67 crore.

Union Bank of India

The promoters holding in the company stood at 74.76%, while Institutions and Non-Institutions held 19.01% and 6.24% respectively.

Union Bank of India has received approval to raise capital by an amount not exceeding to Rs 10,000 crore through various modes. Out of Rs 10,000 crore, the company has received approval to raise fund through Basel III compliant Additional Tier 1 (AT 1) Bonds not exceeding Rs 2,000 crore and Tier 2 Bonds not exceeding Rs 2,000 crore (including foreign currency denominated AT1/Tier 2 Bonds) within the overall limit of Rs 10,000 crore.

Besides, the company has also received approval to raise equity capital not exceeding Rs 6,000 crore in tranches within the overall limit of Rs 10,000 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.