Government of India approves Infusion of Capital Worth Rs.62

CA Shree Jain (Chartered Accountant) (1572 Points)

14 June 2010  
The Government will infuse Rs. 590 crore in the Bank of Maharashtra through the Perpetual Non-Cumulative Preference Shares (PNCPS) route, Rs. 2016 crore in Central Bank of India by participating in the Rights Issue, Rs. 3119 crore in IDBI Bank by way of preferential placement of equity, Rs. 375 crore in UCO Bank through the PNCPS route and Rs. 111 crore in the Union Bank of India through the PNCPS. These banks will undertake the necessary regulatory formalities to obtain clearances from concerned agencies for infusion of this capital.