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United Bank to raise 30B rupees in share sale

United Bank of India plans to raise 30 billion rupees by selling equity shares on a preferential basis.

The state-run bank's board of directors will meet Sept. 18 to consider the proposed share issuance. It plans to issue the shares in one or more tranches.

Meanwhile, the board will consider the bank's proposed merger with Oriental Bank of Commerce and Punjab National Bank. The proposed merger is part of the Indian government's proposal to consolidate 10 public sector banks into four entities.

As of Sept. 13, US$1 as equivalent to 70.97 Indian rupees.