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United Bank of India gains on plan to raise Rs 300 crore

United Bank of India - (Amalgamated) | Bank - Public | BFSI | BSE: 533171 | NSE: UNITEDBNK

24 Jul 2014 Evaluate

United Bank of India (UBI) is currently trading at Rs. 51.60, up by 0.25 points or 0.49% from its previous closing of Rs. 51.35 on the BSE.

The scrip opened at Rs. 50.85 and has touched a high and low of Rs. 52.00 and Rs. 50.55 respectively. So far 31098 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 61.65 on 04-Jul-2014 and a 52 week low of Rs. 23.40 on 21-Feb-2014.

Last one week high and low of the scrip stood at Rs. 53.80 and Rs. 50.60 respectively. The current market cap of the company is Rs. 3261.88 crore.

The promoters holding in the company stood at 89.47% while Institutions and Non-Institutions held 4.02% and 6.51% respectively.

UBI is planning to raise Rs 300 crore by selling shares on preferential basis to Life Insurance Corporation (LIC) soon. The bank is seeking government’s approval for the same.

The bank proposes to issue 8.45 crore shares to LIC at a price of Rs 35.50 per share. Following this, the government’s share in the bank will come down to 82% from the existing 89.47%. At present, LIC owns 2.72% stake in United Bank of India.

Meanwhile, as part of its effort to recover loans, the bank will soon embark upon the process to ‘name and shame’ its willful defaulters.

The bank reported over 15- fold jump in its net profit at Rs 469.37 crore for the quarter ended March 31, 2014 as compared to Rs 31.18 crore for the same quarter in the previous year. Total income of the bank increased by 14.39% at Rs 3073.78 crore for quarter under review as compared to Rs 2687.18 crore for the quarter ended March 31, 2013.

United Bank-Amalgama Share Price

8.02 0.00 (0.00%)

20-Mar-2020 18:01 View Price Chart

Peers

Company Name	CMP
SBI	1107.60
PNB	113.75
Canara Bank	142.70
Bank Of Baroda	280.85
Union Bank Of India	189.05
View more..

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United Bank of India gains on plan to raise Rs 300 crore

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