Mumbai: Union Bank of India (UBI) stated in a mandatory filing on Tuesday that it has subscribed 2,00,80,000 equity shares of Star Union Dai-Ichi Life Insurance Company Ltd (SUD life) offered under rights issue by the company at Rs 25 per share aggregating to Rs 50.20 crores. The subscription is in proportion to holding level, added the filing. Additionally, it said that the same is done at "arms-length".
"Subscription under Rights Issue is to infuse additional capital in proportion to Bank's holding level to facilitate business expansion," it stated.
On RBI's approval, the bank stated that RBI approval was obtained vide reference CO.DoR.RAUG.No.S5508/24.01.002/2022-23 dated November 29.
Further it stated that the cash was transferred on December 19, Monday.
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