United Bank of India has concluded issuance and allotment of 1000 units of 11% unsecured, subordinated, fully paid up, non-convertible, listed, BASEL - III compliant, Perpetual Debt Instruments (Series IV), in the nature of debenture for inclusion in Additional Tier-1 capital of face value of Rs 10 Iakh each (Bonds) aggregating Rs 100 crore on private placement basis, on December 27, 2017.
The issue was fully subscribed by 3 investors. The bonds are proposed to be listed in the wholesale debt segment of BSE.
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.
