United Bank of India to raise Rs 300 cr, Q2 profit slumps

Chennai, Nov 7 (IANS) The government-owned-United Bank of India on Monday said it would raise Rs 300 crore through preferential allotment of equity shares to Life Insurance Corporation (LIC).

In a regulatory filing in BSE the bank said its Board of Directors has approved preferential allotment of equity to LIC or any fund(s) thereof up to Rs 300 crore.

Meanwhile, the bank closed the second quarter of the current fiscal with a lower net profit of Rs 43.53 crore down from Rs 61.86 crore posted during the comparable period in 2015.

The bank had earned a total income of Rs 2,893.31 crore for the quarter ended September 30, 2016, down from Rs 2,927.19 crore earned during the quarter ended September 30, 2015.