United Bank of India to get Rs.308 crore fund infusion from Government of India

United Bank of India has received notification dated February 15, 2011 from Ministry of Finance, Government of India about the decision to infuse Rs.308 Crore (Rupees Three Hundred and Eight Crore) by way of Preferential Allotment of Equity in favour of the Government of India.

The Board of Directors of the Bank is scheduled to meet on February 19, 2011 to consider and approve inter-alia the reclassification of the Authorised Capital of the Bank and Preferential Allotment of Equity Shares to the Government of India in terms of Chapter VII of the SEBI (Issue of Capital & Disclosure Requirements) Regulations 2009.

The stock was trading at Rs.96.70, up by Rs.1.40 or 1.47%. The stock hit an intraday high of Rs.98.15 and low of Rs.94.

The total traded quantity was 1.19 lakhs compared to 2 week average of 0.40 lakhs.

Source : Equity Bulls

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