United Bank of India raises Rs 150 cr via bonds issue

State-run United Bank of India has raised Rs 150 crore through private placement of Basel III-compliant additional tier-I bonds. "The bank has issued and allotted through private placement, rated, unsecured, non-convertible, perpetual, listed Basel-III compliant 11.95 percent additional Tier-1 bonds of face value of Rs 10 lakh per Bond aggregating Rs 150 crore," it said in a BSE filing today. The allotment was done yesterday, it added.

The issue, which opened on September 28, received an overwhelming response from investors and was oversubscribed in a single day. The bank on Monday said that the over-subscription of the bonds issue could go up to Rs 200 crore. Shares of United Bank of India closed at Rs 22.15 on BSE, down 0.45 percent from previous close.