United Bank of India to raise Rs 300 cr thru rights issue early next fiscal

United Bank of India to raise Rs 300 cr thru rights issue early next fiscal.

United Bank of India (UBI) plans to come out with a rights issue to raise Rs 300 crore, early next fiscal. The bankUnited-Bank-of-India-Logo has already received nod from its board of directors for the rights issue. The rights issue could happen by the first half of 2013-14, he said.

Meanwhile, the bank, on Tuesday, received its shareholders’ approval to raise Rs 100-crore worth Tier-I capital by way of preferential allotment to the Union Government by end of this month.

The bank plans to issue 1.37 crore equity shares at a price of Rs 72.95 a share on preferential basis.

United Bank aims to achieve 22 per cent growth in credit in 2013-14. The bank’s credit growth is likely to be 14-15 per cent by the end of this fisca

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