United Bank of India is planning to raise up to Rs. 750 crore to augment its capital. This will be either through the issue of perpetual debt instruments or unsecured sub-ordinated non-convertible Tier-II bonds.
The bank may also raise capital through the issue of 10 crore equity shares of face value of Rs. 10 each at a premium to be decided subsequently.
This will be in the form of rights issue or follow-on public offering. In a notification to the Bombay Stock Exchange, the bank has informed that the board of directors will hold a meeting on November 21 to discuss the issue.
