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.

Paginate