Shareholders of the state-run lender approved raising equity capital upto Rs 6,800 crore during the FY 2020-21.
On 26 November 2020, Union Bank of India announced plan to raise upto Rs 6,800 crore during the FY 2020-21, through various modes such as public issue (i.e. follow-on public offer) and/or rights issue and/or private placements, including qualified institutions placement and/or preferential allotment to the Government of India and/or other institutions and/or through any other modes subject to approval of the Government of India and other regulatory authorities.The bank had convened an extraordinary general meeting (EGM) of its shareholders on 30 December 2020 to seek their approval for the same. The shareholders passed the special resolution with the requisite majority.
Union Bank of India reported a standalone net profit of Rs 516.62 crore in Q2 FY21 as against a net loss of Rs 1193.61 crore in Q2 FY20. Total income during the quarter jumped 90.3% YoY to Rs 20084.10 crore.
The Government of India held 89.07% stake in Union Bank of India as on 30 September 2020. The bank has a network of 9590 branches and 13,287 ATMs across the country.
The scrip rose 0.31% to Rs 32.05. It traded in the range of 31.80 and 32.40 so far during the day.
In the past one month, the stock has gained 11.25% while the benchmark S&P BSE Sensex rose 6.88% during the same period.
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