United Bank IPO : Plans to raise Rs 400 crore

by khalid on 18/09/2009 · 0 comments

State owned United Bank of India ( UBI ) is likely to hit the share market with an IPO (Initial Public Offer) in January 2010 to raise Rs 350 – 400 crore. The bank plans to issue 50 million shares at a face value of Rs 10 each and with a premium of Rs 70 – 80 per share. This would bring down the government’s holding in the public sector bank from the existing 60.5 per cent to about 55 per cent.

The Union Government has already restructured and reduced the bank’s equity capital to Rs 266 crore (Rs 1,532 crore). As of now, 44.57 percent of its share capital is held by institutions, individuals and others, according to a statement on the bank’s website.

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