Union Bank of India rises on planning to acquire 9% stake in NARCL

June 10 -- Union Bank of India is currently trading at Rs. 35.65, up by 0.05 points or 0.14% from its previous closing of Rs. 35.60 on the BSE.

The scrip opened at Rs. 36.15 and has touched a high and low of Rs. 36.40 and Rs. 35.55 respectively. So far 1336750 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 45.25 on 18-Feb-2021 and a 52 week low of Rs. 23.10 on 16-Oct-2020.

Last one week high and low of the scrip stood at Rs. 36.90 and Rs. 35.05 respectively. The current market cap of the company is Rs. 24434.22 crore.

The promoters holding in the company stood at 89.07%, while Institutions and Non-Institutions held 5.03% and 5.90% respectively.

Union Bank of India (UBI) is planning to acquire stake in the National Asset Reconstruction Company (NARCL) and has identified Non Performing Assets (NPAs) worth Rs 7,800 crore to be transferred to the proposed bad bank for resolution. Bad bank refers to a financial institution that takes over bad assets of lenders and undertakes resolution.

The bank will take nine per cent stake in NARCL and have identified NPAs worth Rs 7800 crore to be transferred in NARCL.

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.

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