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The United Bank of India (UBI) has on Friday obtained shareholders’ approval for its proposed capital raising plans.
According to a press release by the UBI, the shareholders’ obtained approval for preferential allotment of up to 35.67 crore equity shares of Rs 10 each, at a price of Rs 42.75 per share, to the Central government.
The bank is looking to raise not more than Rs 1,000 crore including premium for cash through issue of over 23.39 crore equity shares of Rs 10 each, at the above mentioned price, the statement said.
The remaining 12.28 crore equity shares to be issued are by way of conversion of existing PNCPS. Approval in this regard has already been obtained from the Centre.
Post these allotments, the government's shareholding in the Bank would touch 82 per cent.
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