Public sector United Bank of India is planning to opt for a qualified institutional placement (QIP) for raising about Rs.1,000 crore capital, a top official of the bank said Tuesday.
The kolkata-headquartered bank will use the capital for overseas expansion.
"It (QIP) is a long-term process. It requires at least three to five months," said United Bank of India chairperson and managing director Archana Bhargava.
"The bank requires capital for its overseas expansion. Rs.1,000 crore money to be raised through QIP will be used for it," Bhargava said.
The state-run lender was also planning a rights issue after the QIP, she added.
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