United Bank Of India IPO Price Likely At Rs 60 To 66 (17-Feb-2010)
United Bank of India is eyeing keep its Initial Public Offering (IPO) price between Rs. 60-66.
The Bank is planning to sell 50 mn shares in its IPO with a face value of Rs10 each for cash at a price to be determined through a 100% book building process. The equity shares will be listed on BSE and NSE.
Mr. S C Gupta, Chairman and Managing Director announced that the subscriptions for the IPO would open on 23rd of February and close on 25th February. Post IPO, the company would see equity dilution of 15.8 %.
Mr. Gupta said the bank is pricing the issue at 0.7 times book value. Also, it is looking to raise Rs. 3.50 bn by diluting its 15.8% stake.
Moreover, Credit rating agency, CARE has assigned a IPO Grade 4 grading to the proposed Initial Public Offer (IPO) of United Bank of India (UBI).
CARE IPO Grade 4 indicates above average fundamentals. CARE assigns IPO grades on a scale of Grade 5 to Grade 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals.
The United Bank of India (UBI) earlier this month opened its representative office in Dhaka in order to facilitate import-export trading transactions.
Addressing a press conference, UBI chairman Satish C Gupta said: "We will gradually convert this representative office into a full fledged branch shortly to facilitate the country''s export and import trades."
He also said that the office will now work as a corresponding bank until it is converted into full fledged bank.
Mr Gupta also added that his bank has a plan to open a number of branches in the country''s important cities, especially in Chittagong and Sylhet.
He said the bank will finance Bangladesh''s growing SME sector, agricultural and other manufacturing units and trades.
United Bank of India, is government-owned and one of India''s major commercial banks. It is one of the 14 major banks which were nationalised on 19th July 1969. Presently the bank has a three-tier organisational setup consisting of its Head office in Kolkata, 28 Regional offices and 1510 branches spread all over India.
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