UNITED BANK GETS GOVT. NOD FOR PUBLIC ISSUE : FLOAT IN JAN

Mr. S.C. Gupta, Chairman and Managing Director, United Bank of India has said that the bank has received the Central Govt.'s approval for an initial public offering. He has said that the bank is planning to issue five crores shares at a face value of Rs.10/- each at a premium of about Rs.70-80 per share, raising Rs.350-400 crores. With the public issue, the Govt.'s holding in the bank would come down to about 84%.
After the IPO, the equity base of the bank would stand at Rs.316 cores.
The Bank also aims to achieve business of Rs.120000 crores by the end of March 2010 and Rs.200000 crore by March 2012.
Source: http://www.thehindubusinessline.com/2009/12/05/stories/2009120552721000.htm