State–owned United Bank of India has raised around Rs 300 crore by selling shares to the Life Insurance Corporation of India on a preferential basis.
”The bank has received Rs 299.99 crore from LIC and completed the preferential allotment of 8.45 crore shares,” it said in a statement to the BSE late on Monday evening.
The bank issued shares of face value of Rs 10 at a price of Rs 35.50 per share. Following the preferential allotment, the government’s share in the bank is expected to come down.
At present, LIC owns 2.72 per cent in UBI.
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.