United Bank to float IPO in January
Date : Sep-15-2009
United Bank of India plans to hit the market with an Initial Public Offer in January 2010 to raise Rs 350 - 400 crore. The bank plans to issue 50 million shares at a face value of Rs 10 each and with a premium of Rs 70 - 80 per share. The Union Government has already restructured and reduced the bank's equity capital to Rs 266 crore (Rs 1,532 crore). The bank, according to Mr Bhasin, has also requested the government to infuse Tier I capital of Rs 800 crore in addition to the Rs 550 crore by way of Innovative Perpetual Debt Instrument expected to be infused this fiscal.
Date : Sep-15-2009
United Bank of India plans to hit the market with an Initial Public Offer in January 2010 to raise Rs 350 - 400 crore. The bank plans to issue 50 million shares at a face value of Rs 10 each and with a premium of Rs 70 - 80 per share. The Union Government has already restructured and reduced the bank's equity capital to Rs 266 crore (Rs 1,532 crore). The bank, according to Mr Bhasin, has also requested the government to infuse Tier I capital of Rs 800 crore in addition to the Rs 550 crore by way of Innovative Perpetual Debt Instrument expected to be infused this fiscal.
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