United Bank of India has raised amount aggregating to Rs 2159 crore through allotment of 1,81,73,40,067 equity shares of Rs 10 each at a price of Rs 11.88 per share including premium of Rs 1.88 per share, to the president of India acting on behalf of the central Government.
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.
