Government to inject Rs2,159cr into United Bank of India

Central government has informed its decision to infuse Rs2,159cr in the equity capital of United Bank of India by preferential allotment.

Dec 28, 2018 02:12 IST India Infoline News Service

Central government has informed its decision to infuse Rs2,159cr in the equity capital of United Bank of India by preferential allotment. Reacting to the news, shares of United Bank of India were up by ~4.5% in intrady trade on Thursday. 

This comes under Chapter V of the SEBI ICDR Regulations 2018.

"The bank proposes to secure the shareholders' approval to the proposed preferential allotment by a special resolution by convening an extraordinary general meeting. The meeting will include postal ballot voting" said United Bank of India in a press release on Thursday evening, post market hours.

The bank also informed that till the time all formalities are completed and allotment is made, the amount shall remain in share application money AlC.

United Bank of India is an Indian government-owned bank headquartered in Kolkata, India. Presently the bank has a three-tier organisational setup consisting of its head office in Kolkata, 36 regional offices and 2054 branches spread all over India.

United Bank of India ended at Rs11.54 up by Rs0.49 or 4.43% from its previous closing of Rs11.05 on the BSE.

The scrip opened at Rs11.72 and touched a high and low of Rs11.72 and Rs11.35 respectively. A total of 11,82,142 (NSE+BSE) shares were traded on the counter. 

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