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.
The lender's total income rose to Rs 3,013.74 crore in the September 2019 quarter, compared with Rs 2,600.47 crore earned in the corresponding period of the previous financial year, the bank said in a regulatory filing on Wednesday.
Pre-provision operating profit jumped quite sharply by 190 percent to Rs 598.57 crore YoY in Q2FY20.
Provisions and contingencies fell sharply to Rs 436.4 crore in the September quarter against Rs 571.6 crore in the June quarter and Rs 1,481 crore in Q2FY19.
Pharma, Agri inputs, FMCG including, Food & beverages, IT, Paper & packaging are some of the sectors which are expected to do better comparatively
The merger is scheduled to come into force from April 1 next year.
Rao, 57, currently the Managing Director and Chief Executive Officer of Allahabad Bank, has been appointed to the new post up to September 18, 2021.
PNB and Oriental Bank of Commerce, in an exchange filing on August 3, said that the penalty was relating to the account of Kingfisher Airlines.
Total income in the first quarter rose to Rs 3,003.13 crore from Rs 2,549.71 crore in the year-ago quarter, United Bank of India said in a regulatory filing.
The total business of the bank crossed Rs 2 lakh crore at the end of March 2019.
Karur Vysya said that the RBI has imposed a monetary penalty of Rs 1 crore on the bank for non-compliance with the directions issued on Swift operations.
In terms of slippages numbers, he added that it was around 4.46 percent.
The Kolkata-based lender had posted a loss of Rs 637.53 crore in the corresponding quarter a year ago.
United Bank CEO Ashok Kumar Pradhan hailed the agreement as a 'saviour' for the MSME units 'starved' of low-cost funds to compete globally and upscale themselves.
The government had earlier announced an infusion of Rs 65,000 crore in PSBs in 2018-19, of which Rs 23,000 crore has already been disbursed, while Rs 42,000 crore is remaining.
58 stocks in the S&P BSE Small-cap index rose 10-40% in the week gone by which include names like Welspun Enterprises, Dhampur Sugar, Dish TV, and BEML.
The top Sensex gainers were Videocon which jumped 5 percent followed by INOX Leisure, Vakrangee and Religare, each adding over 3 percent. IFCI added 2.8 percent in the morning trade.
Gross non-performing assets for the quarter were higher at 20.1 percent from 18.8 percent in previous quarter and net NPAs were also higher at 11.96 percent compared to 11.63 percent in Q3FY17.
The government has time till August 2018 to bring down its stake below 75 percent in these banks to comply in order to comply with minimum public holding requirement.
Public sector lender United Bank of India today said it is planning to raise Rs 4,300 crore by issuing bonds and equity capital augmentation through follow on public issue or rights issue.
The bank registered a net profit of Rs 38.32 crore in the April-June quarter of previous fiscal.