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United Bank of India plans to raise ₹1,500 crore in one or more tranches through a qualified institutional placement (QIP), public issue or rights issue, to fund its growth needs during this fiscal.
The bank’s board on Friday approved raising of equity capital, and the proposal will be subject to shareholders’ approval in the ensuing annual general meeting, the bank said in a filing to stock exchanges.
According to Pawan Bajaj, Managing Director and Chief Executive Officer, the bank expects to grow by 12-14 per cent during the current fiscal, and the capital would be used to fund its growth needs.
“We need to grow our business and for that we require capital. We expect to grow by 12-14 per cent, primarily driven by growth in retail, MSME and agriculture sectors,” Bajaj told BusinessLine .
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