Public sector lender United Bank of India is planning to raise Rs 300 by way of rights issue, which will be launched in the first half of 2013-14. The bank has already received the board approval for the rights issue and will soon approach the government and Reserve Bank of India to seeking their approval for the same. The bank will issue 1.37 crore equity shares at a price of Rs 72.95 a share on preferential basis.
United Bank of India has emerged as a strong and efficient banking organization over the years and plays an integral role in the socio-economic development of the Eastern and North-Eastern States of the country. The bank at present has a strong presence with its total 1678 branches and 800 ATMs spread across the country.
