United Bank of India allocated shares to the government

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United Bank of India has allocated 1,81,73,40,067 equity shares to the Central Government.

The bank has allocated Rs 10 per share to the President on behalf of the government with a premium of Rs 1.88, at a price of Rs 11.88, which would give the bank Rs 2,159 crore. 

Significantly, in December 2018, the government had announced a grant of Rs 2,159 crore to the United Bank, which is part of an investment plan of about 28,615 crore in nearly half dozen PSU banks of the government. This amount will help banks meet their regulatory capital requirements. Earlier, the government announced financial assistance of Rs 65,000 crore to the public sector banks in the financial year 2018-19.

On the other hand, United Bank’s shares in BSE were open at Rs 10.30, compared to the last closed price of Rs 10.25. But in the initial business, it dropped to Rs 10.05, which is the lower level of its last one month. Nearly 10 o’clock, the bank’s stock is trading at a price of Rs 0.05, or 0.49%, at a price of Rs 10.20. At the same time, its 52-week peak is Rs 15.65 and a low level of 9.05 rupees. Explain that at this time the market capital of the bank is Rs 3,097.42 crores.

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