Platinum acquires 5 per cent in Union Bank

Mumbai: Foreign institutional investor Platinum Asset Management has bought a 5 per cent stake in Union Bank of India.

The bank on Monday informed the National Stock Exchange that it had received intimation from Platinum Asset Management Ltd, as trustee for Platinum Asset Management Trust, of having acquired 6,00,000 shares constituting 0.13 per cent of the total paid-up capital of Union Bank of India.

The fund has acquired the stake through market purchases. The shareholding of Platinum Asset Management is now 2,32,53,716 shares or 5.05 per cent of the total paid-up capital of Union Bank. Union Bank shares closed at Rs 55.35 on the BSE on Monday.