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Kolkata-based United Bank of India (UBI) plans to raise up to ₹1,000 crore through a qualified institutional placement or rights issue this fiscal.
This will be in addition to the ₹575 crore it aims to raise by issuing equity shares on a preferential basis to the government (₹275 crore) and to the Life Insurance Corporation of India (₹300 crore).
The move is expected to shore up the capital adequacy ratio of the bank, which returned to profitability in the January-March quarter.
The bank’s capital adequacy ratio in the last fiscal stood at 9.81 per cent, according to Basel III rules.
“The year 2013-14 was a year of contrast for us. We witnessed our organisation attaining highs before falling to historic lows...The year ahead is going to be a year of consolidation, resurrection and revival with the thrust on monitoring, recovery and capital formation,” Sanjay Arya, Executive Director of UBI, told shareholders.
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