United Bank of India plans to raise funds

United Bank of India to raise Rs 1500crore in one or more tranches through a qualified institutional placement (QIP), Public issue or rights issue, in order to fund its growth needs during this fiscal.

The proposal was subjected to shareholders approval in the ensuing annual general meeting According to Pawan Bajaj, Managing director and chief executive officer, the bank expects to grow by 12-14% during the current fiscal, and the capital would be used to fund its growth needs.

“We need tob grow our business and for that we require capital. We expect to grow by 12-14%, primarily driven by growth in retail, MSME and agriculture sector,” Bajaj told.