United Bank expects Rs 550 crore capital by March-end

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United Bank expects Rs 550 crore capital by March-end

United Bank of India expects Rs 550 crore of capital from the government by March-end and hopes to comfortably achieve the Reserve Bank's credit growth target of 18% in 2009-110.

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State-owned United Bank of India listed at Rs 74.90 a share against an issue price of Rs 66 a share on the National Stock Exchange (NSE) and at Rs 76 on the Bombay Stock Exchange (BSE), 15.15% higher to its issue price.

Soon after the listing, while addressing a press conference, the bank's Chairman and Managing Director Bhaskar Sen said, "The issue got oversubscribed by 33 times within a few minutes of listing. The response which we got was overwhelming and I must express my gratitude to all the investors, stakeholders and all our counsels or advisors who worked with us and to all my colleagues."

The bank expects Rs 550 crore of capital from the government by March-end and hopes to comfortably achieve the Reserve Bank's credit growth target of 18% in 2009-110.

"We have asked for Rs 550 crore from government and hope to get it before the end of this fiscal," Sen said.

The bank also expects to achieve Reserve Bank of India's credit growth target of 18% in FY10, he added.

The bank's capital adequacy ratio was 11.44% as on December and additional funds would help boost expansion plans, Sen said.