The board of directors of United Bank of India (UBI) on Friday proposed to issue equity shares on preferential basis to the LIC and the Union Government at a price of Rs 79.74 a share. The UBI stock closed at Rs 74.55, up 0.13 per cent, on the BSE. The bank said that it plans to issue 1.7 crore equity shares of Rs 10 each to LIC and 2.17 crore shares of Rs 10 each to the Government. The preferential allotment to LIC would help the bank raise capital (Tier-I) worth Rs 135 crore and an additional Rs 173 crore from the Government, taking the total to Rs 308 crore.
Source: The Hindu Business Line
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