Multibagger PSU Bank Under Rs 98 Set To Raise Up To Rs 5000 Crore Via QIP

Board of public sector lender Union Bank Of India on Monday approved raising of funds up to Rs 5000 crore through qualified institutional placement (QIP). Union Bank Of India shares witnessed strong rally in last 1 year offering shareholders return of 131% and 35% return in last 6-months only. Last trading price of Union Bank Of India share is Rs 91.37 apiece. The board also approved the Floor Price of Rs 91.10 per equity share for the Issue. Check details below:

Union Bank Of India Approves Fund Raising Via QIP: According to the BSE filing of Union Bank Of India dated August 21, 2023, "Approved the raising of funds for an amount not exceeding Rs.5000 crore through issue of equity shares through Qualified Institutions Placement subject to the requisite regulatory /statutory approvals, as applicable." The board has also given its nod to a floor price of Rs 91.10 per equity share for the Issue and approved the opening of the Issue today, i.e. August 21, 2023.

Union Bank Of India Stock Performance & Return: Last trading price of Union Bank Of India stock is Rs 91.37 apiece with intraday fall of 0.48%. Its 52-week high price is Rs 96.75 apiece and 52-week low price is Rs 38.85 apiece, respectively. The banking company has a market capitalisation of Rs 62,469.59 crore. Union Bank Of India stock jumped 35% in last 6-months, gained 172% in last 2-years, and offered a return of 200% in last 3-years.

Union Bank Of India Dividend: Union Bank of India announced 20 dividends since June 6, 2003. In the last 12-months, the bank announced an equity dividend amounting to Rs 3.00 per share. If the current share price of Rs 91.10 is taken into consideration, it leads to a dividend yield of 3.28%.

Union Bank Of India Financial Performance: The company for the quarter ended June 30, 2023 declared its consolidated total income of Rs 27,822.29 crore, up 0.21 % as compared to the last quarter total income of Rs 27,763.51 crore. It announced its recent quarter net profit after tax at Rs 3,271.65 crore.

Union Bank Of India About: Union Bank of India is one of the leading public sector banks of the country. The Bank is a listed entity and the Government of India holds 83.49% in Bank's total share capital. The Bank, having its headquarters at Mumbai (India), was registered on November 11, 1919 as a limited company. On 1st April 2020, Andhra Bank and Corporation Bank were amalgamated into Union Bank of India, according to its official website.

Disclaimer: The banking stock is set to raise funds via QIP. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.