United Bank of India would hit the capital market with its initial public offer on February 23 to raise capital.
Executive Director of UBI T M Bhasin said the maiden issue was targetted towards augmenting capital base of the bank.
He said that post the stake dilution, government holding in the bank would stand at 84.2 per cent. The bank would dilute 15.8 per cent stake through the IPO.
Bhasin said the price band had been fixed between Rs 60 and Rs 66 and the price would be determined through 100 per cent book building process.
He said the bank had achieved 100 per cent core banking system at its branches and the IPO had been delayed due to time taken for reduction in capital base from Rs 1,532 crore to Rs 266 crore.
He said the issue had been priced at 70 per cent of the book value.
The shares would be listed on the BSE and NSE.
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