United Bank of India has received an approval for issuance and allotment of equity shares of Face Value of Rs 10 each, to the President of India acting on behalf of the Government of India, and to such other person, group of persons or institutions as may be participating in the issue, aggregating up to Rs 3000 crore by Preferential Allotment under Chapter VII of the SEBI ICDR Regulations 2009. The Board of Directors of the Bank at their meeting held on January 30, 2018, approved 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.
