United Bank of India surges 16.7% after listing

United Bank BSE | NSE 10/02/12 Are Mutual Funds betting on United Bank?

Shares of Government owned United Bank of India has listed at Rs 74.90 per share as against issue price of Rs 66 on the NSE.

At 9:15 hours IST, it was trading at Rs 71.45, a premium of 8.26%, after seeing day's high of Rs 77. It has witnessed volume of 1.52 crore shares and has seen a turnover of Rs 110 crore.

On the BSE, the share was trading at Rs 70.90, after seeing day's high of Rs 77, which was the opening price and low of Rs 69.80. It traded with volume of 80 lakh shares.

The 5 crore shares issue, which opened February 23-25, 2010, was subscribed 33.38 times. The bank had set the price band at Rs 60-66 per share.

A discount of Rs 3 was offered to retail shareholders and eligible employees. The issue was constituted 15.80% of the post issue paid-up capital.