Moneycontrol
Mar 17, 2017 01:49 PM IST | Source: Moneycontrol.com

United Bank of India shares zoom 12% on capital infusion by government

United Bank of India has received a communication from the Central Government, on March 16, about capital allocation of Rs 418 crore, as a part of turnaround linked capital infusion plan.

 
 
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United Bank of India shares spiked 12 percent intraday Friday on capital infusion by the government under its turnaround-linked capital infusion plan.

"The bank has received a communication from the Central Government, on March 16, about capital allocation of Rs 418 crore, as a part of turnaround linked capital infusion plan," the state-owned bank said in its filing.

It further said this proposal for allotment of equity shares of face value of Rs 10 each at a premium to the Central Government by way of preferential allotment will be placed before the board of directors at a meeting scheduled on March 27 in Kolkata.

At 13:39 hours IST, the stock was quoting at Rs 26.55, up Rs 2.50, or 10.40 percent amid high volumes on the BSE.

Posted by Sunil Shankar Matkar
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