United Bank of India to get Rs 250 crore capital infusion from Government of India

United Bank of India has informed BSE that The Government of India, vide its letter dated June 02, 2010, has conveyed the sanction of the President of India to the payment of Rs. 250.00 crore (Rupees two hundred and fifty crore) towards contribution of the Central Government in the Perpetual Non-Cumulative Preference Shares (PNPCS) of the Bank.

The Government of India has further Instructed to Issue PNCPS in favour of the President of India. Accordingly, the Bank have issued 25,000 PNCPS of Rs. 1,00,000/- each on June 04, 2010 in the name of the President of India.

The stock closed the day at Rs.79.15, down by Rs.0.30 or 0.38%. The stock hit an intraday high of Rs.80 and low of Rs.79.

The total traded quantity was 111133 compared to 2 week average of 173193.

Source : Equity Bulls

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