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Union Bank of India trades higher on plan to raise Rs 3,500 crore in FY18

26 Jul 2017 Evaluate

Union Bank of India is currently trading at Rs. 162.20, up by 1.00 points or 0.62% from its previous closing of Rs. 161.20 on the BSE.

The scrip opened at Rs. 162.05 and has touched a high and low of Rs. 162.70 and Rs. 161.60 respectively. So far 81114 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 205.00 on 05-May-2017 and a 52 week low of Rs. 116.25 on 09-Nov-2016.

Last one week high and low of the scrip stood at Rs. 162.70 and Rs. 152.20 respectively. The current market cap of the company is Rs. 11153.73 crore.

The promoters holding in the company stood at 63.44%, while Institutions and Non-Institutions held 25.98% and 10.58% respectively.

Union Bank of India is planning to raise Rs 3,500 crore in FY18 to support its credit growth and provisioning requirements. Though the capital position is comfortable, the bank plans to raise some capital through QIP and have sought Rs 1,750-crore infusion from the government. The bank is ready with a QIP plan and it will be executed based on the government’s capital infusion.

The bank plans 10 per cent credit growth this fiscal and there are provisioning requirements because of NCLT accounts. Retail, Agriculture and MSME which account for about 53 per cent will drive credit growth this fiscal. The bank is targeting to take it to 55 per cent in the next three years.

Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.

Union Bank Of India Share Price

175.45 -4.20 (-2.34%)
24-Apr-2026 11:45 View Price Chart
Peers
Company Name CMP
SBI 1096.00
PNB 111.90
Canara Bank 138.95
Bank Of Baroda 271.30
Union Bank Of India 175.45
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