United Bank of India to raise Rs. 1000 crore

The Board of Directors of United Bank of India at its meeting held on May 14, 2013, has approved that the Bank may raise additional capital not exceeding Rs. 1000cr. through Qualified Institution Placement of equity shares of Rs. 10/- each at such price as may be determined, subject to approvals by Shareholders, Government, Reserve Bank of India, Stock Exchanges and such other Regulatory authorities as may be applicable and in compliance to such acts, rules, regulations, guidelines, terms and conditions as may be applicable.

Shares of United Bank of India last traded in BSE at Rs.58.10, up by Rs.0.55 or 0.96%. The stock hit an intraday high of Rs.58.90 and low of Rs.57.85.

The total traded quantity was 0.31 lakhs compared to 2 week average of 0.49 lakhs.

Source : Equity Bulls

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