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Union Bank of India to raise up to Rs 600 cr by issuing shares to staff

4 January, 2019 2:32 AM
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Union Bank of India to raise up to Rs 600 cr by issuing shares to staff

State-owned Union Bank of India said it would raise up to Rs 600 crore by issuing shares to its employees under the staff stock purchase scheme.

The stakeholders relationship committee of the bank in its meeting on January 3 approved the 'Union Bank of India-Employee Share Purchase Scheme' to raise equity capital aggregating up to Rs 600 crore by offering up to 8 crore new equity shares to the eligible employees of the bank, it said in a regulatory filing.

On January 2, Syndicate Bank had said it would raise up to Rs 500 crore by issuing shares to its employees under the employee stock purchase scheme.

Source: moneycontrol.com

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