Union Bank to issue Rs 111 crores worth PNCPS to Government of India

Union Bank of India has announced that the Board of Directors of the Bank at its meeting held on July 02, 2010, has approved issuance of Perpetual Non-Cumulative Preference Shares (PNCPS) to the extent of Rs. 111 crores to the Government of India.

The Company have received a letter from the Government of India dated July 12, 2010, containing the sanction of the President of India for payment of Rs. 111 crore (Rupees One Hundred Eleven Crore only) to the Bank towards contribution of the Central Government in the Perpetual Non-Cumulative Preference Shares (PNCPS) of the Bank.

The stock closed the day at Rs.312, up by Rs.0.40 or 0.13%. The stock hit an intraday high of Rs.315 and low of Rs.310.35.

The total traded quantity was 75037 compared to 2 week average of 40293.

Source : Equity Bulls

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