Indianbulls pitches for UWB; the Bank stalls its rights issue

Mumbai, Sep 8 (UNI) Indiabulls Financial Services Ltd, a non-banking financial company in which steel baron Lakshmi Niwas Mittal has controlling stakes, has submitted a bid to buy United Western Bank (UWB).

Announcing this to BSE, the company said it submitted the bid for takeover of UWB late last evening.

Indiabulls plans to issue one equity share of Indiabulls, after the spin-off of its real estate business, for every six equity shares of UWB, the company said in a statement.

UWB was placed under a moratorium on Saturday last by the Union government.

Meanwhile, UWB has informed BSE that the Bank has decided not to proceed with the Draft Letter of Offer presently filed with SEBI in respect of its proposed Rights Issue. The necessary intimation in this regard is already given to SBI Capital Markets Ltd (Lead Manager) for onward submission to SEBI and bourses.

The Bank will re-file the Letter of Offer once the position becomes clear, the release said.

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