United Bank likely to go for IPO in 6 months

United Bank of India plans to go in for an initial public offer in six-to-nine months with an equity issue of Rs 50-60 crore, according to the bank’s Executive Director, Mr T.M. Bhasin. At a premium of Rs 100 a share the bank would be able to mobilise close to Rs 500-600 crore worth Tier I capital. The restructuring would enhance the book value of the bank’s shares to Rs 84-85 (up from Rs 14 at present) and it would further improve to Rs 100 once the bank comes out with an IPO, he said. United Bank today announced reduction in interest rates on FCNR (B) and NRE deposits effective April 1.