Union Bank to raise $243.5mn via preferential allotment

Union Bank shares were barely changed after announcing that it will issue 30.9mn shares to the India government.

State-run Union Bank of India said on Monday it will raise up to 10.96 billion rupees ($243.49 million) through a preferential allotment of shares to the government, according to a report in The Economic Times.

It will issue 30.9 million shares to the government at 354.94 rupees ($7.88) each, it added.

Union Bank shares were little changed at 326.80 rupees ($7.26) at the Bombay Stock Exchange on Monday morning.

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