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United Bank of India soars on plan to mop up around Rs 1,000 crore via QIP

15 May 2013 Evaluate

United Bank of India is currently trading at Rs. 59.40, up by 1.15 points or 1.97% from its previous closing of Rs. 58.25 on the BSE.

The scrip opened at Rs. 58.10 and has touched a high and low of Rs. 59.60 and Rs. 57.95 respectively. So far 37081 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 84.95 on 07-Jan-2013 and a 52 week low of Rs. 49.75 on 31-Aug-2012.

Last one week high and low of the scrip stood at Rs. 61.35 and Rs. 55.30 respectively. The current market cap of the company is Rs. 2175.17 crore.

The promoters holding in the company stood at 82.23% while Institutions and Non-Institutions held 10.64% and 7.13% respectively.

United Bank of India is planning to mop up around Rs 1,000 crore through a qualified institutional placement (QIP) route in coming three to four months. The company may also approach the government to infuse capital. The PSU bank also has plans to set up seven to eight offices in foreign countries. At present, the bank’s capital adequacy ratio stands at 11.66%.

The bank reported a dip of 79.11% in its net profit for the final quarter of financial year 2012-13 at Rs 31.18 crore compared to Rs 149.29 crore in the year ago period. The net profit tanked primarily because of higher provisioning during the quarter under review.

United Bank-Amalgama Share Price

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Peers
Company Name CMP
SBI 1107.60
PNB 113.75
Canara Bank 142.70
Bank Of Baroda 280.85
Union Bank Of India 189.05
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