Union Bank of India to issue 11662585 shares to Government of India

The Board of Directors of Union Bank of India at its meeting held on January 24, 2012, has approved the issuance of upto 1,16,62,585 Equity Shares of face value of Rs. 10/- to Government of India on preferential basis at the price as may be arrived at in accordance with SEBI (ICDR) Regulations and subject to any directions of GoI and In terms of SEBI guidelines as amended from time to time or otherwise and subject to approval of shareholders in the Extraordinary General Meeting.

The Union Bank of India stock was trading at Rs.207.75, down by Rs.5.10 or 2.40%. The stock hit an intraday high of Rs.215.80 and low of Rs.197.20.

The total traded quantity was 10.98 lakhs compared to 2 week average of 1.18 lakhs.

Source : Equity Bulls

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