United Bank of India has received a capital infusion of Rs 418 crore from the Centre under its turnaround-linked capital infusion plan.

According to a notification to the bourses, the public sector lender said this proposal for allotment of equity shares of face value of Rs 10 each at a premium to the Central Government by way of preferential allotment will be placed before the board of directors at a meeting scheduled on March 27.

“The bank has received a communication from the Central Government, on March 16, about capital allocation of Rs 418 crore, as a part of turnaround linked capital infusion plan,” UBI mentioned in its filing.

Shares of UBI closed at Rs 25.70, up by 6.86 per cent the BSE on Friday.​