State-run United Bank of India on Thursday said its board will meet next week to approve raising equity capital of up to Rs 1,000 crore in one or more tranches through various options.
"The meeting of the Board of Directors of the bank shall be held on May 18," it said in a regulatory filing.
The meeting would "...approve raising equity capital not exceeding Rs 1,000 crore in one or more tranches during any financial year by qualified institutions placement, public issue, rights issue or such other capital issues...," the filing said.
The bank's capital adequacy ratio stood at 10.84 per cent at the end of third quarter last fiscal and the government's shareholding in the bank was 85.23 per cent as on March 31.
--IANS
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