Religare is a global financial services group. It has been advised by Religare Capital Markets to subscribe to IPO (initial public offering) of United Bank of India for registering gains.

UBI a Kolkata-headquartered bank has fixed price of its Initial Public Offering at 0.8x post-diluted ABV as at the end of Sep 2009. Although the below-average operating performance of bank are grounds for concern, the absolute valuation discount in respect of peers like Allahabad Bank, Dena Bank and Andhra Bank guides us to rate the issue as Subscribe. [smartads]

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