United Bank of India IPO to open for subscription on February 23, 2010

The Initial Public Offering (IPO) of United Bank of India will hit markets on February 23, 2010.

The company is coming out with IPO of 500,00,000 Equity Shares of Rs.10/- each for cash at a Price Band of Rs.60/- to Rs.66/- through 100% book building process. The Bank is also offering a discount of 5% for retail investors.

The Lot Size is 100 Shares and Multiple of 100 shares. The Net offer to the Public is 4,75,00,000 Equity Shares.

The QIB Book is 2,85,00,000 shares (60% of Net issue size), Retail Book is 1,42,50,000 shares (30% of Net issue size) and HNI Book is 47,50,000 shares (10% of Net issue size). The Employee Reservation is 25,00,000 Equity Shares.

The IPO closes for subscription on February 25, 2010.

Source : Equity Bulls

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