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United Bank of India gains on getting nod to raise Rs 1,000 crore

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

29 Jun 2016 Evaluate

United Bank of India is currently trading at Rs. 22.70, up by 0.15 points or 0.67% from its previous closing of Rs. 22.55 on the BSE.

The scrip opened at Rs. 22.55 and has touched a high and low of Rs. 22.80 and Rs. 22.45 respectively. So far 44155 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 26.45 on 03-Aug-2015 and a 52 week low of Rs. 16.45 on 31-May-2016.

Last one week high and low of the scrip stood at Rs. 23.20 and Rs. 20.75 respectively. The current market cap of the company is Rs. 2422.63 crore.

The promoters holding in the company stood at 82.00%, while Institutions and Non-Institutions held 12.17% and 5.82% respectively.

United Bank of India (UBI) has received shareholders’ approval to raise nearly Rs 1,000 crore, either by qualified institutional placement (QIP), public or rights issue. Further, the bank is expecting a fund infusion of Rs 500-600 crore from the government this financial year. The infusion will help the bank to maintain the capital adequacy norms as spelt out by Basel-III norms. Last year, the bank got a fund infusion of about Rs 480 crore from central government.

This financial year, the bank is expecting around 12% growth in credit and deposit, with retail as its focus area, while reducing its exposure to the corporate sector. The bank will focus on housing, education and vehicle loan segments. The lender is targeting business of Rs 2 lakh crore by March 2017. At the end of last financial year, the total business of the bank stood at Rs 1,87,813 crore.

UBI 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.

United Bank-Amalgama Share Price

8.02 0.00 (0.00%)

20-Mar-2020 18:01 View Price Chart

Peers

Company Name	CMP
SBI	1080.35
PNB	114.50
Canara Bank	142.35
Bank Of Baroda	280.00
Union Bank Of India	188.90
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United Bank of India gains on getting nod to raise Rs 1,000 crore

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