Bank of Baroda to raise Rs 32.8b
State-run Bank of Baroda will raise up to Rs 32.8 billion through a preferential allotment of shares to the government at Rs 902.14 each, it said in a statement over the weekend.
March 07, 2011 / 11:43 IST
State-run Bank of Baroda will raise up to Rs 32.8 billion through a preferential allotment of shares to the government at Rs 902.14 each, it said in a statement over the weekend.
The bank will hold an extra-ordinary general meeting for shareholders' approval on March 29, it added.Other public lenders such as Indian Overseas Bank, UCO Bank and United Bank of India have also said they would preferentially allot shares to the government in return for capital infusion.In December, India's cabinet approved additional capital infusion of Rs 60 billion (USD 1.3 billion) into state-run banks to strengthen their capital adequacy and to increase the government's stake in them. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
