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United Bank to raise R1,000 cr via preferential issue to govt

United Bank of India on Thursday said it is planning to raise up to Rs 1,000 crore through issue of fresh equity shares…

United Bank of India on Thursday said it is planning to raise up to Rs 1,000 crore through issue of fresh equity shares to the Centre on a preferential basis.

In a stock exchange filing, the city-based bank said a meeting of its board of directors would be held on February 10 to “approve preferential allotment of equity to the Government of India under Chapter VII of the SEBI ICDR Regulations 2009 by issue of fresh equity shares aggregating up to Rs 1,000 crore subject to necessary approval from the government and regulators”.

The state-run bank said the meeting of the board of directors would also approve preferential allotment of equity to the government by conversion of 52523 nos. perpetual non-cumulative preference shares of Rs 1,00,000 each, aggregating Rs 525.23 crore subject to necessary regulatory clearances.

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First published on: 30-01-2015 at 01:29 IST
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