UBI IPO Fully Subscribed On First day (23-Feb-2010)
The IPO of United Bank of India (UBI) got fully subscribed on the first day of issue on Tuesday.
The issue received bids for 5.80 crore shares as against shares on offer of five crore, thus generating a demand of 1.16 times till 1500 hrs, as per the data available with the NSE.
The bank has fixed the price band for the issue at Rs 60-66 a share and plans to raise up to Rs 330 crore from the capital market.
After the offer, the stake of government in UBI would reduce to 84.2 per cent from the existing 100 per cent, thus resulting in 15.8 per cent stake dilution.
The IPO opens on February 23, 2010 ("Bid/ Issue Opening Date"), and closes on February 25, 2010. The IPO comprises of a net issue of 4,75,00,000 equity shares of face value of Rs.10 each to the public ("Net Issue") and a reservation of 25,00,000 equity shares for subscription by eligible employees (the "Employee Reservation Portion"). The Issue shall constitute 15.80% of the post Issue paid-up capital and the Net Issue shall constitute 15.01% of the post-issue capital of the Bank.
A discount of five percent would be offered by the company over the issue price at the time of allotment of shares to the retail investors.
The bank would utilise the IPO proceeds in order to expand its balance sheet as well as augment capital base.
The Book Running Lead Managers ("BRLMs") to the Issue are SBI Capital Markets Limited, Edelweiss Capital Limited and Enam Securities Private Limited. The Equity Shares offered by the Bank through the Issue are proposed to be listed on Bombay Stock Exchange Limited ("BSE") and National Stock Exchange of India Limited ("NSE").
United Bank of India (UBI) has received exemption from SEBI in order to appoint independent directors before its initial public offering (IPO) of shares.
"We had explained to SEBI that it might take some time before we fulfill the quota of independent directors and have given an undertaking that we will keep them informed as and when we appoint them," executive director T.M. Bhasin said at a press meet.
United Bank of India (the "Bank"), a public sector banking institution with branches in 28 States and in 4 Union Territories in India.
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