Union Bank of India's share price surged by nearly 7% on Wednesday, February 21, propelled by the announcement of its intention to raise ₹3,000 crore through a qualified institutional placement (QIP), with a floor price set at ₹142.78 per share. The bank disclosed in a stock exchange filing that its Committee of Directors for Raising Capital Funds had approved the fund-raising endeavor at its meeting on February 20, 2024. The issue's opening date was also confirmed as February 20. Union Bank of India's stock reached an intraday high of ₹150.70, marking a mere 3% gap from its 52-week high of ₹155.30 achieved on February 5, 2024. Remarkably, it has surged by 150% from its 52-week low of ₹60.32 recorded on March 28, 2023. Over the past year, the stock has exhibited impressive growth, delivering multibagger returns of nearly 101%. Its ascent has continued in February, with a 5.6% increase, extending a four-month streak of gains. Prior to this, the stock soared by 17.5% in January 2024, 10.4% in December 2023, and 6.15% in November 2023.