Mumbai, Jan 3 (IANS) Public sector lender Union Bank of India plans to raise up to Rs 600 crore through "Employee Share Purchase Scheme", subject to shareholders' approval.
According to the bank, its stakeholders Relationship Committee (SRC) has approved the scheme for raising the equity capital.
"...The SRC at its meeting held on Thursday, 3 January, 2019, inter alia, discussed and approved the following - a scheme namely 'Union Bank of India - Employee Share Purchase Scheme' to raise equity capital aggregating up to Rs 600 crore...," the bank said in a regulatory filing to the BSE.
As per the filing, the bank will raise the equity capital by "...offering, issuing and allotting up to 8,00,00,000 new equity shares to the eligible employees of the bank".
The bank added that it will seek shareholders' approval for the scheme through postal ballot and e-voting.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz