United Bank of India raises Rs 100 cr to meet Basel III norms

State-owned United Bank of India has raised Rs 100 crore by issuing Basel III compliant bonds on a private placement basis.

The bank has concluded issuance and allotment of 1,000 units of 11 per cent unsecured, subordinated, fully paid-up, non-convertible, listed, Basel III compliant, perpetual debt instruments in the nature of debentures aggregating to Rs 100 crore on private placement basis, the bank said in a regulatory filing.

United Bank said the money raised will be included as additional tier-1 capital.

Shares of the bank closed 0.29 per cent up at Rs 17.50 on BSE.