United Bank of India to raise equity capital of Rs 1,500 cr

Public-sector United Bank of India today said it will raise up to Rs 1,500 crore by issuing equity shares in one or more tranches.

The bank's shareholders, at its annual general meeting today, approved the proposal to create, offer and allot equity shares not exceeding Rs 1,500 crore in one or more tranches.

This capital raise will be in addition to the capital support granted by the government, the bank said in a regulatory filing.

Stock of the bank closed at Rs 11.05 on BSE, down 0.36 per cent from the previous close.