United Western Bank not to proceed with rights issue Letter of Offer at present

With reference to the earlier announcement regarding the Scheme of Reconstruction of the Bank filed with RBI consequent upon the moratorium imposed by RBI, United Western Bank Ltd has announced that the Bank has decided not to proceed with the Draft Letter of Offer presently filed with SEBI in respect of its proposed Rights Issue. The necessary intimation in this regard is already given to SBI Capital Markets Ltd (Lead Manager) for onward submission to SEBI / Stock Exchange. The Bank will update / re-file the Letter of Offer once the position becomes clear.

Source : Equity Bulls

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