Mumbai: The ailing United Western Bank on Thursday submitted a Scheme of Reconstruction to the regulator Reserve Bank of India (RBI), which has placed it under moratorium due to erosion of net worth.
The Bank informed the Bombay Stock Exchange that the Board of Directors of the Bank on Wednesday had unanimously resolved to submit the scheme to RBI, which includes capital infusion by SICOM, Government of Maharashtra and HDFC Ltd and IDFC to the extent of Rs 350 crore.
Housing Development Finance Corporation Ltd (HDFC) said it, jointly with any one or more of its subsidiary or associate companies, proposes to invest an amount of up to Rs 70 crore in the Satara-based bank.
Infrastructure Development Finance Company Ltd (IDFC) has said it proposes to invest an amount of up to Rs 35 crore in the aggregate by way of equity in UWB.
Meanwhile, UCO Bank said the bank is submitting an Expression of Interest (EOI) to RBI for amalgamation of the UWB with itself.
The Industrial Development Bank of India Ltd (IDBI) has also joined the race and submitted EOI to RBI on Wednesday for taking over UWB.
Comments
0 comment