United Bank of India to raise up to Rs 1,500 crore

State-owned lender United Bank of India (UBI) plans to raise up to Rs 1,500 crore through Qualified Institutional Placement, rights or public issue.
UBI said it will raise Rs 500 crore in the first tranche and Rs 1,000 crore in one or more tranches during any financial year.
The decision was taken at the board meeting held today, the bank said in a BSE filing.
"The Board of Directors of the bank, at its meeting held on January 28, 2016, has considered and approved the proposal to raise equity up to an aggregate amount of Rs 500 crore in the first tranche and not exceeding Rs 1,000 crore in one or more tranches during any financial year," it said.

The bank said the amount will be raised via Qualified Institutional Placement, Public Issue, Rights issue or such other issue(s).
United Bank of India shares closed 3.69 per cent down at Rs 125.45 apiece on the BSE.