Latest News

UBI subscribes to equity shares of SUD life

UBI has subscribed 2,00,80,000 Equity Shares of Star Union Dai-Ichi Life Insurance Company Ltd (SUD life) offered through rights issue

PSU Watch Bureau

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.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Tata Power Renewable commissions 126 MW floating solar project in MP

GRSE registers total income of Rs 2,311 crore in first half of fiscal 2024-25

India has limited critical mineral reserves, players need long-term supply sources: CareEdge

RCF net profit up 55% to Rs 79 crore in Sep quarter

Mines Ministry, IEA sign pact for cooperation in critical mineral sector