United Bank to raise upto Rs 500 cr via unsecured Tier - I bonds

United Bank of India has informed BSE that the Board of Directors of the Company at its meeting held on November 21, 2012, inter alia, has approved:1. Issue & allotment of Unsecured Perpetual Tier - I Bonds (Series I) in the nature of Promissory Notes of Rs.10 lakhs each for cash at par up to a maximum amount of Rs.250 crore with a Green Shoe option up to a maximum of Rs.250 crore (Total amount not exceeding Rs.500 crore) through Private Placement;2. Create, issue & allot up to such numbers of Equity Shares of Rs.10/- each at a premium to be decided subsequently on ‘Rights’ basis to the existing shareholders of the Bank as on the Record Date to be fixed subsequently, as may be required to raise at least Rs.250 crore (Rupees Two Hundred and Fifty Crore) but not exceeding Rs. 300 crore (Rupees ThreeHundred Crore) including premium.Source : BSE

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