Union Bank of India to decide on allotment of shares to Government

The Ministry of Finance, Government of India, vide its communication dated December 27, 2011, has informed that the Government of India is actively considering the request of Union Bank of India for infusing equity capital by raising Government of India's holding to 58% by way of preferential allotment of equity.

In this connection a Meeting of Board of Directors of the Bank will be held on January 24, 2012, to consider issuance of Equity Shares of Face Value of Rs. 10/- each at such price as may be decided as per SEBI (ICDR) Regulations, 2009 on preferential basis in favour of Government of India.

The Union Bank of India stock closed the day at Rs.188, up by Rs.1.75 or 0.94%. The stock hit an intraday high of Rs.189.95 and low of Rs.184.75.

The total traded quantity was 0.27 lakhs compared to 2 week average of 0.65 lakhs.

Source : Equity Bulls

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