Union Bank stock has delivered multibagger returns in the last one year, rising over 111 percent. In comparison, benchmark Nifty 50 has risen 24 percent during this period.
Union Bank directors would meet on February 23 to consider and approve the issue price for its proposed qualified institutional placement (QIP), including a discount.
The Union Bank stock rose 6.66 per cent to hit a high of Rs 150.50 on BSE. The multibagger stock is up 22.35 per cent year-to-date and 112.66 per cent in the last one year.
Union Bank of India shares closed at Rs 142.85 in the last session on BSE. The stock surged 77% in a year, making it among the top performers in the PSU banking space.
Union Bank’s capital cushions remain comfortably above the regulatory level, strengthened by a capital raise via a qualified institutional placement (QIP) amounting to Rs 5,000 crore in the September quarter, ICRA said.