United Bank of India IPO subscribed 1.16 times

The Initial Public Offering (IPO) of United Bank of India which opened for subscription by investors today - February 23, 2010 has already received subscription of 1.16 times.

The issue has received total bids for 58039600 equity shares till 3:00 PM today (February 23, 2010) against the offer of 50000000 equity shares. The issue has received bids for 474200 equity shares at cut-off price.

The Bank has come out with IPO of 5,00,00,000 equity shares of Rs 10 each for cash at a price band of Rs. 60/- to Rs. 66/- through 100% book building process.

The Rating Agencies CARE & ICRA have given IPO Grading of 4/5 (CARE) and 3/5 (ICRA).

The Bank is also giving a discount of 5% for retail individual investors from the issue price. The IPO closes for subscription on February 25, 2010.

Source : Equity Bulls

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