State-owned lender United Bank of India on Thursday listed at Rs 76 on the BSE, 15.15% higher to its issue price of Rs 66 a share. The shares touched a high of Rs 77 in early trades.
The lender was raising Rs 3.3 billion through the initial public offering, which closed on February 25. The bank would be utilising the proceeds to augment capital base to meet credit demand as economy grows.
The government owns 84.2% in the bank following the issue. At 09:01 am, shares in the bank were trading at Rs 73.40 on the BSE, up 11.21%.
