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3 Indian lenders to receive capital infusion from government

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3 Indian lenders to receive capital infusion from government

The respective boards of UCO Bank, Andhra Bank and United Bank of India approved the proposal for the issuance of equity shares to the Indian government as part of its capital infusion plan.

The banks' boards approved the preferential allotment of equity shares amounting to 11.5 billion Indian rupees from UCO Bank, 5 billion rupees from United Bank of India and 11 billion rupees from Andhra Bank, according to separate March 27 BSE filings.

The board of Andhra Bank also approved its plan to raise equity capital through a qualified institutional placement, follow-on public offer at an appropriate time.

Under the turnaround-linked infusion plan, India's government seeks to inject 85.86 billion rupees into 10 public sector banks, including the three lenders.

As of March 27, US$1 was equivalent to 65.06 Indian rupees.