Public sector lender United Bank of India (UBI) will hit the capital market tomorrow with an initial share sale offer to raise up to Rs 330 crore.
The bank will come out with an initial public offer (IPO) of five crore shares, which will lead to the government stake dilution of about 15.8 per cent. The issue would close on February 25. Post the issue, the government stake in UBI would come down to 84.2 per cent from the existing 100 per cent.
The company has fixed a price band of Rs 60-66 a share for the IPO, and if fully subscribed, the government could mop up up to Rs 330 crore at the higher end of the price band.