United Bank shares rally over 5pc amid merger buzz with IDBI

Tags: News
Shares of United Bank of India today rose by more than 5 per cent amid merger reports with IDBI Bank.

United Bank of India's scrip surged 4.80 per cent to settle at Rs 51.35 on the BSE. During the day, it jumped 10.2 per cent to Rs 54.

Shares of UBI ended at Rs 51.45, up 5.21 per cent at the NSE.

IDBI Bank rose by 0.11 per cent to Rs 90.30 at the BSE.

As per media reports, IDBI has been asked to merge United Bank into itself.

Meanwhile in a clarification to the BSE, United Bank of India said that there is no negotiation taking place for merger of the bank.

"No negotiations are taking place for the merger of the bank with any other bank," United Bank of India said in a filing to the BSE.

State-owned IDBI Bank said it is not considering any proposal to merge Kolkata-based United Bank of India with itself.

"We confirm that so far no proposal for merger of United Bank of India with IDBI Bank has been discussed at IDBI Bank's board meeting and also no communication from Government of India in respect of the above has been received by the bank," IDBI Bank said in a statement.

Both the banks are public sector entities with government of India having 76.50 per cent and 89.47 per cent stake in IDBI Bank and United Bank of India respectively.

"As soon as any communication from Government of India is received by IDBI Bank or any such proposal is discussed at IDBI Bank's board meeting, necessary disclosure under clause 36 of the Listing Agreement shall be made by the bank," it said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Amidst Sino-Indian bonhomie, the Tibet issue cannot be wished away

    Tibet did not figure in the three-day high-level meetings between India and the People’s Republic of China (PRC).

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: Intertemporal choices

Intertemporal choice is the study of the relative value people ...

Parvez Imam

Why we all have blood on our hands

What does the Jammu and Kashmir flood make us think? ...

Dharmendra Khandal

The peculiar possibilities of animal poop

You can tell a lot about an animal by its ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture