United Bank of India is planning to raise equity capital, in one or more tranches, up to Rs 3,000 crore by way of preferential allotment of equity shares. In a stock market filing on Friday, the bank said a meeting has been scheduled on September 18 to inter alia consider raising of the equity capital by way of preferential allotment of equity shares. In that meeting, the bank will also consider the proposed amalgamation of United Bank of India and Oriental Bank of Commerce with Punjab National Bank.
The Kolkata-based bank also informed that its Asset Liability Management Committee has decided to reduce tenor-based marginal cost of funds-based lending rate (MCLR) to be effective from September 16. One-year MCLR will come down to 8.45% from 8.55%, while six-month MCLR will be slashed to 8.35% from 8.45%. Three-month MCLR will come down to 8.25% from 8.30%.