Government to infuse Rs 4,376 cr in BoB, UBI

The Centre will infuse R4,376 crore in Bank of Baroda and Union Bank of India as part of a recapitalisation package to shore up their equity capital.

The Centre will infuse R4,376 crore in Bank of Baroda and Union Bank of India as part of a recapitalisation package to shore up their equity capital.

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BoB has initiated necessary steps to raise capital by offering equity shares of face value of R10 each for cash at a premium of Rs 892, aggregating up to Rs 3,281 crore on preferential basis, it said in a statement.

UBI, on the other hand, will issue 3.1 crore shares at a premium of Rs 344 to the government on preferential basis.