The government owned bank, United Bank of India, is likely to file a red herring prospectus with the Securities and Exchange Board of India for their initial public offer (IPO) next week. This was stated Chairman by the Chairman of the bank, Mr. Satish C Gupta. Mr. Gupta said, “We hope to come out with the IPO by end January or early February.”
The bank is aiming to collect an amount of around Rs 400 crore through the public issue slated for the coming months. The issue will bring down the government’s stake in the bank to around 84 per cent. Currently, the bank is fully owned by the government.
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