United Bank of India allots 27989821 Equity Shares to Government of India

United Bank of India has completed the allotment of 279,89,821 equity shares to the President of India as on March 25, 2011. This allotment was pursuant to the Government of India's decision to infuse Rs. 308 core in the Bank through Preferential Allotment of equity shares in favour of the Government.

The Preferential Allotment was made pursuant to the provisions of Chapter VII of SEBI (Issue of Capital & Disclosure Requirements) Regulations 2009 and the price was arrived at Rs. 110.04 per share as per the provision of the said Regulations.

The stock was trading at Rs.106.25, down by Rs.0.05 or 0.05%. The stock hit an intraday high of Rs.108.30 and low of Rs.106.

The total traded quantity was 0.43 lakhs compared to 2 week average of 0.24 lakhs.

Source : Equity Bulls

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