Business Standard

United Bank plans to raise ~4,300 crore


Public sector lender United Bank of India on Monday said it was planning to raise ~4,300 crore by issuing bonds and equity capital augmentati­on through follow on public issue or rights issue. In total, there are three different proposals that will be taken up for considerat­ion by the bank's board on Wednesday. The bank said its board of directors, at its meeting to be held on September 6, will consider the proposal of raising Basel-III compliant Tier-II and additional Tier-I bonds up to ~1,000 crore and ~800 crore, respective­ly. Additional­ly, it will also consider raising of equity capital of an amount not exceeding ~1,000 crore in one or more tranches by way of qualified institutio­ns placement, or by way of follow on public issue or rights issue.

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