United Bank of India sets IPO price band at Rs 60-66 a piece

IPO remains open for bidding between 23 and 25 February 2010

State-run bank United Bank of India has reportedly set a price band of Rs 60- 66 per share for initial public offer (IPO). The IPO remains open for subscription between 23 and 25 February 2010.

United Bank of India is looking to raise Rs 350 crore by selling 5 crore equity shares of Rs 10 each in the proposed IPO, reports added.

Following the IPO, the government's stake in the Kolkata-headquartered bank would come down to 84.20%, from the current level of 100%.

Credit rating agency, CARE has assigned grade '4' for the IPO, indicating above average fundamentals.