Mumbai, June 09: Public sector lender United Bank of India today said it has got Rs 250 crore from the government as part of a capital infusion plan announced earlier.
The Government of India had in a letter dated June 2 conveyed the sanction of Rs 250 crore, United Bank of India informed the Bombay Stock Exchange.
In return, the government has instructed the bank to issue Perpetual Non-Cumulative Preference Shares (PNCPS) in favour of the President of India, it said.
Accordingly, the Kolkata-based bank issued 25,000 PNCPS of Rs 1 lakh each on June 4 in the name of the President of India, it said.
–Agencies