United Bank of India (BSE:533171) announced a private placement of shares for gross proceeds of up to INR 28,390,000,000 on February 19, 2019. The transaction will include participation from existing investor India. The securities will be issued on preferential basis. The company will receive the funding as a part of recapitalization. The transaction has been approved by Government of India vide its letter F.No.7/23/2019-BOA-I. The transaction is subject to approval of board of directors of company in a meeting to be held on February 25, 2019 and further approval of shareholders at a general meeting or through postal ballot.