By IANS,
Kolkata: City-based United Bank of India has informed the Bombay Stock Exchange that it has got capital infusion of Rs.300 crore from the central government.
“This capital infusion is a part of the government’s initial sanction to the proposal to infuse a total of Rs.800 crore in the bank through PNCPS (Perpetual Non-Cumulative Preference Shares). The first instalment of Rs.250 crore was received on March 31, 2009,” the bank said.
The amount will be a part of the tier I capital of the bank and carry annual floating coupon to be benchmarked to the repo rate with a spread of 100 basis points and readjusted annually based on the prevailing repo rate on the relevant date, it said.
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