United Bank to raise Rs 1,000 cr equity capital

United Bank of India will raise up to Rs 1,000 crore as capital through issue of bonds or equity capital to the government.

The board of the state-owned bank has approved raising Tier-I capital of up to Rs 1,000 crore either through bonds on private placement basis to the eligible institutions or issue of preference shares to the Central Government or other institutional investors.

It has also approved the fund raising by issuance of equity shares through preferential allotment to government, the bank has said in a filing to the BSE.

The capital raising would help the bank comply with Basel-III or the global prudential norms for banking sector.

Government holds 87.99% in the Kolkata-headquartered bank.

Government has already announced Rs 700 crore infusion in the United Bank of India in the current fiscal, ending March 31.

EDITORIAL OF THE DAY

  • Mob rage against the Tanzanian woman betrays racial and gender prejudices

    The mob rage in Bangalore against the Tanzanian woman is a national disgrace from which we can never recover even if we punish the wrong doers.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sachin Shridhar

VIPism is casteism by another name

Much has been written and lamented about the all-pervasive VIP ...

Zehra Naqvi

‘What if the British never came to India?’

Legendary Canadian writer Margaret Atwood proves as elusive to the ...

Bubbles Sabharwal

It's the life in your years that counts

We are all in a sense pilgrim souls enjoying the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture