Union Bank stock has delivered multibagger returns in the last one year, rising over 111 percent. In comparison, benchmark Nifty 50 has risen 24 percent during this period.
Union Bank directors would meet on February 23 to consider and approve the issue price for its proposed qualified institutional placement (QIP), including a discount.
The Union Bank stock rose 6.66 per cent to hit a high of Rs 150.50 on BSE. The multibagger stock is up 22.35 per cent year-to-date and 112.66 per cent in the last one year.
BlackRock Inc the world s largest investment manager with close to $10 trillion in assets along with Hong Kong based Segantii Capital Management, Millenium Management LLC along with local investor SBI Life Insurance, ICICI Prudential Life Insurance and Nippon Asset Management led institutional investors in bidding for the bank s shares.