United Bank of India is going to convene an extraordinary general meeting on November 07 to allot equity shares to the government for capital infusion of Rs 1,666 crore. The Bank will issue 1,64,13,79,310 shares to the government at a price of Rs 10.15 per share against capital infusion of Rs 1,666 crore.
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.
