Government of India to infuse Rs. 700 crore in United Bank of India

The Board of Directors of United Bank of India at its meeting held on November 09, 2013, has approved Preferential Allotment of Equity Shares to the President of India acting on behalf of the Government of India under Chapter VII of the SEBI ICDR Regulations 2009, pursuant to the approval of the Ministry of Finance vide its letter dated 22, 2013 to the Infusion of capital in the form of common equity in the Tier-I capital of the Bank to the tune of Rs.700cr. subject to approval of the shareholders of the Bank.

Shares of United Bank of India was last trading in BSE at Rs.34.20, down by Rs.0.35 or 1.01%. The stock hit an intraday high of Rs.35.35 and low of Rs.34.05.

The total traded quantity was 0.77 lakhs as compared to 2 week average of 2.76 lakhs.

Source : Equity Bulls

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