Union Bank Of India Surges 2% After Board Approves Capital Raising Plan


The stock of Union Bank of India rose more than 2% in the morning hours on BSE after the board intimated its approval to plan of raising capital funds worth Rs 6350 crore during the year 2017-18, as per BSE filing.

The stock traded at its new 52-week high at Rs 175 on BSE. The stock is trading up 0.9% at Rs 172 at 10:22 AM IST. The board of Union Bank of India through its board meeting held on April 28, 2017 gave approval to raise total capital funds up to Rs 6350 crore during the year 2017-18 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 and also to raise equity capital not exceeding Rs 4950 crore within overall limit of Rs 6350 crore during FY 2017-18 through public issue and/or rights issue and /or private placement, as per BSE filing.

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