Wednesday, January 13, 2010

United Bank of India filed a DRHP with SEBI for IPO

United Bank of India is planning to coming out with Public issue of 5 crore equity shares of Rs 10 each. The company has filed a DRHP (draft red herring prospectus) with SEBI (Securities & Exchange Board of India).

United Bank of India is the public sector banking institution with branches in 28 States and in 4 Union Territories in India. As of December 18, 2009, company had 1,484 branches, 265 ATMs, 28 regional offices and 11 extension counters. They are in the process of opening a representative office in Dhaka, Bangladesh.

In Fiscal 2009, company made a net profit of Rs. 358.55 crore and had net assets of Rs. 61,500.78 crore and net worth of Rs. 2,537.83 crore. As of September 30, 2009, company showed a net profit of Rs. 231.10 crore and had net assets of Rs. 71,952.25 crore and net worth of Rs. 2,769.87 crore.

The company intends to spend the issue proceeds to augment capital base to meet the future capital requirements and for meeting the expenses of the issue.

The book running lead managers to the issue are SBI Capital Markets Ltd, Edelweiss Capital Ltd and Enam Securities Pvt Ltd. Link Intime India Private Limited is the registrar of the issue.

For more information about United Bank of India IPO Prospectus please visit: