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United Bank may sell shares at upper band

United Bank may sell shares at upper band
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First Published: Fri, Feb 26 2010. 12 00 AM IST
Updated: Fri, Feb 26 2010. 12 00 AM IST
Mumbai:United Bank of India Ltd, the first lender to hold an initial public offering (IPO) in the nation since 2007, may sell shares at the top end of a range marketed to investors, two people with knowledge of the matter said.
The price may be set at Rs66 after 98% of bids were made at that level, one of the people said, asking not to be identified before an official announcement. Two-thirds of the bids for shares allocated for qualified institutional buyers came from foreign investors, one of the people said. The issue was subscribed 32.92 times.
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First Published: Fri, Feb 26 2010. 12 00 AM IST
More Topics: United Bank | IPO | Shares | Bids | Money Matters |