Union Bank plans to acquire KBC Asset Management's stake in JVs; stock down 1%

Belgian based KBC Asset Management plans to exit Indian market by selling its stake in the mutual fund business to its joint venture partner Union Bank of India.

Union Bank of India is currently trading at Rs. 180.20, down by 1.% from its previous closing of Rs. 182.35 on the BSE.

Belgian based KBC Asset Management plans to exit Indian market by selling its stake in the mutual fund business to its joint venture partner Union Bank of India.

The scrip opened at Rs. 183 and has touched a high and low of Rs. 183.95 and Rs. 179.2 respectively. So far 897147(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 11593.43 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 253.5 on 23-Jan-2015 and a 52 week low of Rs. 129.8 on 08-May-2015. Last one week high and low of the scrip stood at Rs. 185.4 and Rs. 172.7 respectively.

The promoters holding in the company stood at 60.47 % while Institutions and Non-Institutions held 27.29 % and 12.25 % respectively.

The stock is currently trading above its 50 DMA.