United Credit Share price

United Credit Limited ( UCL) formerly known as UnitedIndia Credit and Development Company Limited (UCDCL) wasincorporated in 1970. The Company''s name was changed toUnited Credit Limited and a fresh Certificate ofIncorporation was obtained on 1st January 1981.UCL is the successor to the erstwhile United Bank of IndiaLimited (UBIL). Consequent to nationalisation of thebanking sector the undertaking of UBIL became vested inthe corresponding new bank United Bank of India and byway of a scheme of amalgamation approved by the Hon''bleHigh Court at Calcutta UBIL was merged with UCDCL andthe assets and liabilities of United Bank of India Limitedwere acquired by UCDCL.Full particulars of the allotment of equity shares anddebentures on nationalisation are given hereunder :-i) For every Rs.10/- paid up in the capital of United Bankof India Limited one fully paid up equity share of Rs.5/-and one fully subscribed debenture of Rs.5/- were allotedto the shareholders of the transferor company.ii) Debentures of Rs.5/- each were convertible into fullypaid up equity shares of Rs.5/- each at the option of theholders of such debentures to be exercised by them afterthe 12th year from the date of issue and before expiryof th 15th year from date of such issue. Such debentures asmay not have been converted into shares within thestipulated period will be redeemed on payment of theprincipal monies and interest thereon on the last day ofthe 30th year from the date of issue of the saiddebentures. This was modified by a special resolutionpassed in the meeting of the debentureholders held on 29thNovember 1980 wherein it was decided that the optionshall be exercisable by the holders of the debenturesafter the 20th year but before the expiry of 23rd yearfrom the date of issue and at the same meeting the rateof interest was increased from 9% to 11% withretrospective effect from 1St July 1980.