Financial Daily from THE HINDU group of publications
Friday, Dec 30, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 30, 2005 |
|
|
|
|
|
|
|
Money & Banking
-
Public Offer Markets - Public Offer Union Bank public issue likely before Budget Our Bureau
Mumbai , Dec. 29: UNION Bank of India's second public issue to raise Rs 450-500 crore could hit the market before the 2006 Union Budget, said Mr Cherian Varghese, Chairman and Managing Director. The bank is waiting for approval from the Securities and Exchange Board of India for the sale of 4.5-crore equity shares. "We don't want to be in the market at the same time as other banks," he said. Post the public issue, the Government holding in the bank would come down from the current level of 60.85 per cent to 55.43 per cent. The lead arrangers are SBI Capital Markets, Citigroup, Kotak Mahindra Capital Services, Enam Securities and DSP Merrill Lynch. The bank is also raising Tier-II capital of $100 million through a syndicated loan having tenor of 364 days, in January. Half of this will be used for paying back old loans while the remaining would be used for export credit, Mr Varghese said. In September 2005, the bank had raised Tier-II capital of Rs 800 crore through a structured loan. The bank has also received approval from the Reserve Bank of India to open overseas offices in Dubai, Doha and Shanghai and applied for licences in Hong Kong, Singapore and San Jose in the US.
More Stories on : Public Offer | Public Offer
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|