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Union Bank of India surges on getting Govt’s approval for proposed amalgamation

Union Bank of India is currently trading at Rs. 55.40, up by 0.60 points or 1.09% from its previous closing of Rs. 54.80 on the BSE.

The scrip opened at Rs. 54.80 and has touched a high and low of Rs. 55.90 and Rs. 54.80 respectively. So far 144635 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 100.30 on 03-Apr-2019 and a 52 week low of Rs. 48.05 on 11-Oct-2019.

Last one week high and low of the scrip stood at Rs. 55.90 and Rs. 50.80 respectively. The current market cap of the company is Rs. 18928.19 crore.

The promoters holding in the company stood at 74.27%, while Institutions and Non-Institutions held 16.08% and 9.65% respectively.

Union Bank of India has received a communication from Ministry of Finance, Government of India stating that the Alternative Mechanism (AM) has accorded in-principle approval to proposed amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India with Union bank of India as the transferee Bank and Andhra bank and Corporation Bank as transferor banks.

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.

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