United Bank of India approves preferential allotment of PNCPS, shares, debt instruments

The Board of Directors of United Bank of India at its meeting held on February 10, 2015, inter alia, has also approved the preferential allotment of equity to the Government of India under Chapter VII of the SEBI ICDR Regulations 2009 by conversion of 52523 nos. Perpetual Non-cumulative Preference Shares of Rs.100000/- each aggregating Rs. 525.23 cr. subject to necessary regulatory clearances.

The Board approved preferential allotment of equity to the Government of India under Chapter VII of the SEBI ICDR Regulations 2009 by fresh issue of equity shares aggregating up to Rs. 1000 cr. subject to the necessary approval from the Government and regulators.

The Board also approved issue and allotment of up to Rs. 500 cr. BASEL-III compliant Perpetual Debt Instruments in the form of subordinated, nonconvertible, noncumulative, listed, Additional Tier-I bonds of Rs. 10,00,000/- each.

Shares of UNITED BANK OF INDIA was last trading in BSE at Rs.38.45 as compared to the previous close of Rs. 38.45. The total number of shares traded during the day was 18169 in over 214 trades.

The stock hit an intraday high of Rs. 38.9 and intraday low of 38.25. The net turnover during the day was Rs. 700703.

Source : Equity Bulls

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