Capital market watchdog Securities and Exchange Board of India ( Sebi) has exempted the Centre from making an open offer to shareholders of United Bank of India, pursuant to equity infusion that would hike its stake in the lender to nearly 88 per cent. The government, which is the promoter of United Bank, has proposed to buy additional 18 crore shares in the lender through the preferential allotment route, in lieu of infusing Rs.700 crore as investment

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