UBI to consider capital raising of up to Rs 1,000 crore

Kolkata May 11 (IANS) State-run United Bank of India on Thursday said its board will meet next week to approve raising equity capital of up to Rs 1 000 crore in one or more tranches through various options.

The meeting of the Board of Directors of the bank shall be held on May 18 it said in a regulatory filing.

The meeting would ...approve raising equity capital not exceeding Rs 1 000 crore in one or more tranches during any financial year by qualified institutions placement public issue rights issue or such other capital issues... the filing said.

The bank s capital adequacy ratio stood at 10.84 per cent at the end of third quarter last fiscal and the government s shareholding in the bank was 85.23 per cent as on March 31.

--IANS
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