United Bank of India jumped 8.67% to Rs 12.53 at 12:10 IST on BSE after the Central Government announced investment of Rs 2159 crore in the equity capital of the bank by preferential allotment.
The announcement was made after market hours yesterday, 27 December 2018.Meanwhile, the S&P BSE Sensex was up 332.91 points or 0.93% at 36,140.19
On the BSE, 2.02 lakh shares were traded in the counter so far as against average daily volume of 65,000 shares in the past two weeks. The stock had hit a high of Rs 12.85 and a low of Rs 11.80 so far during the day.
The bank proposes to secure the shareholders' approval to the proposed preferential allotment by a Special Resolution by convening an Extraordinary General Meeting conducting Postal Ballot shortly. Till such time all formalities are completed and allotment made, the amount shall remain in Share Application Money account, United Bank of India said.
United Bank of India reported net loss of Rs 883.17 crore in Q2 September 2018 compared to net loss of Rs 344.83 crore in Q2 September 2017. Total income rose 0.6% to Rs 2600.47 crore in Q2 September 2018 over Q2 September 2017.
The Government of India held 92.255% stake in United Bank of India as per the shareholding pattern as on 30 September 2018.
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