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.