United Bank of India Proposes Tier - II Bond Issue worth Rs.200 crore

United Bank of India is planning to come out shortly with a proposed issue of unsecured, subordinated, redeemable, non-convertible bonds in the form of promissory notes of Rs 10 lacs each, for an amount of Rs 100.00 crore with green shoe options of another Rs 100.00 crore, on private placement basis, for augmentation of Lower Tier II Capital of the Bank. The issue has been rated AA+ by CARE and AA+/Stable by CRISIL.

The names of Arranger(s), Trustee(s), Registrar, the Structure of the issue, coupon rate and the date of opening of the issue will be intimated in due course.

The United Bank of India stock closed the day at Rs.51.25, down by Rs.2.40 or 4.47%. The stock hit an intraday high of Rs.53.05 and low of Rs.51.

The total traded quantity was 0.18 lakhs compared to 2 week average of 0.12 lakhs.

Source : Equity Bulls

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