United Bank of India shines on getting nod to raise Rs 1,500 crore by various means

United Bank of India is currently trading at Rs. 11.05, up by 0.50 points or 4.74% from its previous closing of Rs. 10.55 on the BSE.

The scrip opened at Rs. 10.85 and has touched a high and low of Rs. 11.06 and Rs. 10.85 respectively. So far 3353 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 13.25 on 01-Jan-2019 and a 52 week low of Rs. 9.05 on 08-Oct-2018.

Last one week high and low of the scrip stood at Rs. 11.06 and Rs. 10.52 respectively. The current market cap of the company is Rs. 7836.46 crore.

The promoters holding in the company stood at 96.83%, while Institutions and Non-Institutions held 1.52% and 1.65% respectively.

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue, Rights Issue or such other capital issues. The Board of Directors of the Bank at its meeting held on May 13, 2019 has approved the same.

United Bank of India is one of the 14 major banks, which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.

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