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Monday, 24 February 2014

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Sensex rises 100 pts; banks, capital goods extend gains

Shares of United Bank of India climbed 5.5 percent as the government will pump in Rs 800 crore by converting PNCPS to equity shares. The board members of the bank on February 22 has approved to allot by conversion of up to 80000 perpetual non-cumulative preference shares (PNCPS) of Rs 1,00,000 each into such number of equity shares of Rs 10 each to Government of India in one or more tranches. Moreover the board also approved issuance and allotment by conversion of PNCPS up to 11 crore equity shares of Rs 10 each on preferential basis to the President of India within March 31, 2014. "The approvals of the board are subject to all applicable approvals/consents from various regulators and specific approval by the Central Government in this regard," the bank said in its filing.

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