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United Bank of India has informed the stock exchanges that SEBI has permitted the bank to raise capital through placement to qualified institutions. It can now issue 13.33 crore equity shares to QIPs to raise Rs 250 crore.
The market regulator has allowed the bank to issue the shares solely for the purpose of achieving the minimum level of public shareholding. SEBI has also exempted the bank from the applicability of rules regarding open offer, which means the QIBs would not have to make open offer for the purchase of additional shares in the bank other than the placed ones.
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