Financial Daily from THE HINDU group of publications
Tuesday, Feb 14, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 14, 2006 |
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Money & Banking
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Public Offer Union Bank fixes issue price band at Rs 100-110 Our Bureau
Hyderabad , Feb. 13 UNION Bank of India (UBI) has fixed the price band for its forthcoming follow-on public issue of 45-million equity shares of Rs 10 each at Rs 100-110, the UBI General Manager, Mr V.S.R. Murthy, announced here on Monday. Addressing newspersons, he said the minimum bid lot is fixed at 50 equity shares and in multiples of 50 equity shares, thereafter. The issue/bids would open on February 15 and close on February 21. Following the issue, which constitutes 8.91 per cent of the total post-issue paid-up equity capital, the shareholding of Government of India would come down to 55.43 per cent of total post-issue paid-up equity from the existing level of 60.85 per cent, he said. "This leaves enough headroom for the bank to raise further equity and reduce the Government of India equity holding to 51 per cent. "However, the bank would be quite comfortable with the capital adequacy ratio at around 12 per cent following the ensuing follow-on public issue and we do not foresee any need to further dilute the Government's holding," Mr Murthy said.
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