Union Bank ends nearly 5% up on stake buy deal

Shares of Union Bank of India went up nearly 5 per cent after the firm said it's buying 49 per cent stake of KBC Asset Management in Union KBC Asset Management, the joint venture between both the companies and Union KBC Trustee company.
The stock gained 4.83 per cent to settle at Rs 182.35 on BSE. Intra-day, it climbed 5 per cent to Rs 182.80.
On NSE, the stock rose 4.91 per cent to Rs 182.40.
Its market capitalisation went up Rs 534.43 crore to Rs 11,593.43 crore.
"We and KBC Asset Management NV have reached an agreement on the sale of KBC Asset Management's 49 per cent stake in Union KBC Asset Management to the bank," Union Bank said in a statement today.

The transaction, which is subject to regulatory approval, will have no impact on the joint venture's client positions and product portfolio, it said.