United Bank of India has issued and allotted BASEL III Compliant Tier 2 Bonds for Rs 150.00 crore on private placement basis. The bank has concluded on date the issue and allotment of 1500 units of Rated, Unsecured, Non-Convertible, Fully Paid-Up, Redeemable, Listed, Basel-III compliant Tier-2 debt instruments in the nature of Debentures of Face Value of Rs 10 lakh each for Cash at Par for Rs 150.00 crore on private placement basis.
The tenure of the Bonds is 10 years from the Deemed Date of Allotment. The Bonds are proposed to be listed on the wholesale Debt Segment of BSE.
United Bank of India is one of the 14 major banks which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.