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Union Bank of India issues shares to government

Union Bank of India issued equity shares to the government of India on a preferential basis.

The bank said Aug. 5 that it issued 38,988,181 of its shares to the government at an issue price of 138.76 Indian rupees per share.

The shares were issued Aug. 4.

As of Aug. 4, US$1 was equivalent to 63.65 Indian rupees.