The Government of India has conveyed its decision to infuse Rs 4,112 crore in the equity of Union Bank of India by way of preferential allotment. The said amount of Rs 4,112 crore has been remitted by the Government of India on February 21, 2019 and the same is being maintained by the Bank as 'Share Application Money pending allotment'.
In relation to the above, a meeting of Board of Directors is scheduled to be held on February 26, 2019, to consider and approve issue of equity shares on Preferential Basis to Government of India subject to necessary approvals/permissions in this regard.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
