United Bank of India to get capital infusion

The United Bank of India will likely get Rs 100 crore fund infusion through share issuance to the government.

The board of United Bank of India has already approved preferential allotment of shares to the government aggregating to Rs 100 crore.

The infusion of capital will be in the form of equity, the official added.

This fund infusion is subject to shareholders approval, which will be sought on March 12 in an extra-ordinary General Meeting.

Last year, the bank got capital infusion of Rs 172.80 crore from the government.

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