Union Bank of India up 1% on approval for fund raising

State-controlled Union Bank of India gained 1.3 percent intraday recently as the board of directors of the company has approved raising equity capital by way of preferential allotment/ qualified institutional placements/rights issue on December 27.

On December 22, the board members have approved raising of additional capital funds not exceeding Rs 1500 crore during the year 2012-13 by way of issue of Tier I and Tier II capital bonds as per eligibility.

At 14:35 hours IST, the stock rose 0.76 percent to Rs 272.50 on the Bombay Stock Exchange.

The share price rallied nearly 17 percent in last one month and 66 percent in last one year.

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