United Bank of India (UBI) started the New Year by filing a draft red herring prospectus with the Securities and Exchange Board of India. The bank hopes to raise between Rs. 350-400 crores ($75-86 million) through the IPO..Khaitan & Co’s Mumbai offices acted as legal counsel to the Bank. The transaction was led by Partner Nikhilesh Panchal. Delhi-based Axon Partners LLP, led by Partner Abhimanyu Bhandari, were the legal advisors to the underwriters. The Bank’s in-house legal and compliance issues were handled by the Company Secretary and Compliance Officer, Bikramjit Shom..The IPO will dilute the government’s stake in the Bank — currently standing at 100 percent — to about 84 percent. The funds raised through the issue will be used to augment the Bank’s capital base..Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.
