Public sector United Bank of India on Thursday said it plans to raise up to Rs1,500 crore in equity capital during the fiscal. The money has to be raised in one or more tranches.
“The next meeting of the board of directors of the bank shall be held on 11 May 2018 to approve raising equity capital not exceeding Rs1,500 crore in one or more tranches during the financial year,” it said in a regulatory filing.
The bank said the equity capital can be raised by various means including qualified institutions placement (QIP), public issue or rights issue.
Stock of United Bank closed 1.02% down at Rs12.65 apiece on BSE today.
Source: Mint