Union Bank of India allots shares aggregating to Rs. 541 crores

Pursuant to the special resolution passed by the Shareholders at the Extraordinary General Meeting of the Bank held on 23.02.2017 for allotment of Equity Shares aggregating up to Rs.541 crore (Rupees Five Hundred and Forty One Crore Only) to Government of India on Preferential Basis, the Bank has received a sum of Rs. 541 Crore (Rupees Five Hundred and Forty One Crore Only) as capital infusion in the form of share application money from the Government of India for the said preferential allotment of Equity Shares on 31.03.2017.

The allotment of the Equity Shares to Government of India will be done on receipt of approval of Central Government under section 3(2-B)(c) of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970.

Shares of UNION BANK OF INDIA was last trading in BSE at Rs.157.9 as compared to the previous close of Rs. 155.45. The total number of shares traded during the day was 948302 in over 3396 trades.

The stock hit an intraday high of Rs. 160 and intraday low of 154.75. The net turnover during the day was Rs. 150171795.

Source : Equity Bulls

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