Union Bank Of India To Raise Up To Rs 600 Crore Via Employee Purchase Scheme

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.