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UBI receives Rs 682cr capital infusion from govt
Public sector Union Bank of India (UBI) today said it has received a capital infusion of Rs 682 crore from the Government of India through a preferential allotment of shares.
Public sector Union Bank of India (UBI) on Tuesday said it has received a capital infusion of Rs 682 crore from the Government of India through a preferential allotment of shares.
The bank received the infusion by way of preferential allotment of equity shares of Rs 10 each at a premium of Rs 344.94 in favour of Government of India, the lender said in a release here late this evening.
The Union Bank scrip closed 1.60% up at Rs 341.80 on the Bombay Stock Exchange.
With the infusion, the Government''s equity holding in the bank moves up to 57.07% from 55.43% it disclosed as of December 31, 2010, the release said.
The funds will be utilised for asset growth. Post- capital infusion, the bank''s core Tier-I capital has gone above 8%, the release added.
