United Bank of India is proposing to issue Unsecured, Subordinated, Non-Convertible, Rated, Redeemable, Basel III Compliant Instrument in the nature of Debentures for inclusion in Tier 2 Capital of face value of Rs 10.00 lakh each aggregating Rs 200 crore plus Green Shoe Option on private placement basis and is in the process engaging arranger(s) for 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.
