Outcome of board meeting of United Bank of India

Held on 10 February 2015

United Bank of India announced that the Board of Directors of the Company at its meeting held on 10 February 2015, inter alia, has also approved :

1. Preferential allotment of equity to the Government of India under Chapter VII of the SEBI ICDR Regulations 2009 by conversion of 52523 nos. Perpetual Non-cumulative Preference Shares of Rs.100000/- each aggregating Rs. 525.23 crore subject to necessary regulatory clearances;

2. Preferential allotment of equity to the Government of India under Chapter VII of the SEBI ICDR Regulations 2009 by fresh issue of equity shares aggregating up to Rs. 1000 crore subject to the necessary approval from the Government and regulators.

3. Issue and allotment of up to Rs. 500 crore BASEL-III compliant Perpetual Debt Instruments in the form of subordinated, nonconvertible, noncumulative, listed, Additional Tier-I bonds of Rs. 10,00,000/- each.

Powered by Capital Market - Live News