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.