United Bank to raise Rs 1,000 cr via equity issue to QIBs

By: | Published: June 29, 2016 9:53 PM

State-owned United Bank of India today said it plans to raise Rs 1,000 crore through issuance of equity to qualified institutional buyers (QIBs).

State-owned United Bank of India today said it plans to raise Rs 1,000 crore through issuance of equity to qualified institutional buyers (QIBs).

The decision to raise the capital was taken at the bank’s annual general meeting on June 28, 2016, it said in regulatory filing.

The bank said its Board of Directors has adopted and approved a proposal “to create, offer, issue and allot equity shares of face value of Rs 10 each up to an aggregate amount not exceeding Rs 1,000 crore.”

The funds will be raised in one or more tranches to qualified institutional buyers under the qualified institutions placement (QIP) by way of public issue, rights issue or other forms of capital issue, it said.

United Bank shares today closed 0.67 per cent down at Rs 22.40 on BSE.

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