The Board of Directors of Union Bank of India in its meeting held on September 9, 2019 has considered and given its in-principle approval for the amalgamation of Andhra Bank and Corporation Bank into Union Bank of India.
The board approved the revised capital plan for FY 2019-20 to raise capital funds by an amount not exceeding Rs.17,200 crores within which upto Rs. 13,000 crores through equity capital and upto Rs. 4,200 crores through AT 1/Tier II bonds.
The board approved capital raising by issue of equity shares through preferential allotment to Government of India for an amount upto Rs.13,000 crores subject to other regulatory approvals.
The board authorised Committee of Directors for Raising of Capital Funds ('CDRCF') for issuance and allotment of new equity shares on preferential basis to the Government of India for an amount approved by the Government of India and to take decision on the date, time and place for holding of EGM, finalize the relevant date and pricing for preferential issue.
Shares of UNION BANK OF INDIA was last trading in BSE at Rs.55 as compared to the previous close of Rs. 54.5. The total number of shares traded during the day was 499571 in over 1182 trades.
The stock hit an intraday high of Rs. 55.9 and intraday low of 54.2. The net turnover during the day was Rs. 27438401.