United Bank of India is planning to come out shortly with a proposed issue of unsecured, subordinated, redeemable, non-convertible bonds (NCDs) in the form of promissory notes of Rs 10 lakh each, for an amount of Rs 100.00 crore with green shoe options of another Rs 100.00 crore.
The proposed issue will be on private placement basis and for augmentation of Lower TIER II capital of the bank. The issue has been rated 'AA+' by CARE and 'AA+/Stable' by CRISIL.
United Bank of India’s business is principally divided into retail banking, corporate / wholesale banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance and mutual fund distribution, pension and tax collection services.
