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United Bank of India raises 1.27B rupees in share sale

United Bank of India raised about 1.27 billion rupees by selling equity shares to qualified institutional investors.

The bank said March 27 that it sold 54,906,211 shares at 23.22 rupees per share.

The qualified institutional placement was opened March 21 and the floor price was set at 24.44 rupees per share.

As of March 28, US$1 was equivalent to 65.04 Indian rupees.