United Bank of India approves issue of 80000 PNCPS

The Board of Directors of United Bank of India at its meeting held on February 22, 2014, has accorded its approval to create, offer, issue and allot by conversion of up to 80000 PNCPS of Rs. 100,000/- each into such number of equity shares of Rs. 10/- each at an conversion price as may be determined in accordance with the Regulation 76(1) of SEBI ICDR Regulations on preferential basis to Government of India in one or more tranches.

The Board further approved issuance and allotment by conversion of PNCPS up to 11,00,00,000 (Eleven Crore) equity shares of Rs. 10/- each at such price as may be determined in accordance with the Regulation 76(1) of SEBI ICDR Regulations on preferential basis to the President of India within March 31, 2014.

The approvals of the Board are subject to all applicable approvals/consents from various Regulators and specific approval by the Central Government in this regard.

Shares of UNITED BANK OF INDIA was last trading in BSE at Rs.25.8 as compared to the previous close of Rs. 24.35. The total number of shares traded during the day was 1169996 in over 4602 trades.

The stock hit an intraday high of Rs. 27.7 and intraday low of 24.3. The net turnover during the day was Rs. 30545774.

Source : Equity Bulls

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