Union Bank rises on fund raising plan

Union Bank of India has gained nearly 2% to Rs 215 after the company plans to raise Rs 1,386 crore through qualified institutional placement (QIP) this financial year, its chairman and managing director Arun Tiwari said.

"We are planning to raise Rs 1,386 crore through QIP which we plan to raise in the second quarter of this fiscal. If not, then the money will be definitely raised by the end of this financial year", Tiwari told reporters on the sidelines of Ficci Banking Conclave here today.

The bank had already got the approval of the shareholders and RBI in this regard, he said.

Shares of Union Bank of India opened at Rs 212, touched a high of Rs 216 and a low of Rs 211 on the BSE. A total of 65,510 shares have been exchanged on the BSE so far.