United Bank of India surges nearly 11% on fund raising plans

United Bank of India surges nearly 11% on fund raising plans
Shares of state-controlled lender United Bank of India rallied nearly 11 per cent in early trade on Bombay Stock Exchange (BSE) on reports that the bank is planning to raise corpus around Rs 1,300 crore through public issue, QIP or right issue.

The bank in a filing to BSE said it has planned to raise Rs 1,000 crore through a public issue, QIP or a rights issue and an additional Rs 300 crore through a preferential allotment to the government and Life Insurance Corp. of India (LIC).

Boosted by development, shares of bank gained as much as 10.91 per cent to trade at Rs 44.70 a piece on the BSE.

In a similar fashion, shares of lender advanced 8.56 per cent to Rs 43.75 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 24,399.62, up 36.57 points or 0.15 per cent at 9:30 hours.

Read more about: united bank of india
Story first published: Tuesday, May 20, 2014, 12:30 [IST]
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