United Bank of India IPO to knock the door by February 2010
Public sector United Bank of India (UBI) is witnessing February 2010 deadline for its proposed maiden public offer, after receiving cabinet nod for the long-awaited capital restructuring.
According to sources, the bank intends to file the red herring prospectus with market regulator, Securities & Exchange Board of India (SEBI) after September 2009.
The IPO size was still pending for finalization by the bank, but reports hinted it would be over Rs 50 crore and the shares will carry a premium.
Presently, UBI is one of the two public sector banks that are not listed. The other lender is Punjab & Sind Bank.