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Union Bank of India gains 7% on approval of capital raising for FY18

28 April, 2017 9:46 AM
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Union Bank of India gains 7% on approval of capital raising for FY18

The company in its meeting held on April 28, approved to raise total capital funds up to Rs 6350 crore during FY2017-18.

Shares of Union Bank of India surged 7.6 percent intraday Friday as the company approved capital raising plan for FY2018.

The company in its meeting held on April 28, approved to raise total capital funds up to Rs 6350 crore during FY2017-18 in the form of core equity capital and/or additional tier 1 (AT1) bonds and/or tier 2 bonds, subject to maximum issue of Rs 4800 crore, within overall limit of Rs 6350 crore, of additional tier 1 (AT1) bonds and/or tier 2 bonds.

The company approved to raise equity capital not exceeding Rs 4950 crore, within overall limit of Rs 6350 crore, during FY2017-18 through public issue (i.e. follow-on-public issue) and/or rights issue and/or private placement, including qualified institutional placements and/or preferential allotment to the Government of India or other institutions and/or any other mode(s) subject to necessary approval by the Government of India, other regulatory authorities and of the shareholders in the General Meeting as and when applicable.

At 15:05 hrs Union Bank of India was quoting at Rs 170.90, up Rs 11.05, or 6.91 percent on the BSE.

The share touched its 52-week high Rs 172.65 and 52-week low Rs 107.20 on 06 February, 2017 and 23 May, 2016, respectively.

Source: moneycontrol.com

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