UBI IPO may come out by February 2010

Tuesday, May 12, 2009

UBI IPO may come out by February 2010

United Bank of India (UBI) is planning for its proposed maiden public offer on a February 2010. The bank received Cabinet clearance for the long-awaited capital restructuring. UBI is one of the two public sector banks that are not listed. The other one is 'The Punjab & Sind Bank'.

UBI chairman and managing director Satish C Gupta said the bank intends to file the red herring prospectus with Securities & Exchange Board of India (SEBI) after September 2009 once it comes up with its audited half yearly results.

We will go public in the third or the fourth quarter. It's now on top of our agenda, the CMD said. Although the bank is still to decide the size of the IPO, Mr Gupta indicated that it would be not less than Rs 50 crore.

Source: Asian CERC

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