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United Bank of India shelves fundraising ahead of planned merger

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United Bank of India shelves fundraising ahead of planned merger

United Bank of India has put off a plan to raise 15 billion rupees of capital ahead of its proposed merger with Punjab National Bank and Oriental Bank of Commerce, The Economic Times reported Oct. 3, citing Ashok Kumar Pradhan, CEO of the bank.

The Indian government will instead subscribe to the state-owned lender's equity shares through a preferential allotment for 16.66 billion rupees, subject to shareholder approval.

Further, the bank plans to be out of the central bank's prompt corrective action framework.

As of Oct. 3, US$1 was equivalent to 71.06 Indian rupees.