United Bank of India to allot shares to govt for Rs 1,666 cr infusion

United Bank of India on Friday said it will convene an extraordinary general meeting on November 7 to allot equity shares to the government for capital infusion of Rs 1,666 crore.

The lender will issue 1,64,13,79,310 shares to the government at a price of Rs 10.15 per share against capital infusion of Rs 1,666 crore, the bank said in a regulatory filing.

Post the capital infusion, the shareholding of the government in the bank will go up to 97.41 per cent from the existing 96.83 per cent, it said.

The bank's stock was trading at Rs 9.85 on the BSE, down 1.89 per cent from the previous close.