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State-run banks approve capital raising
Published on 20 Feb. 2011 11:18 PM IST
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Three state-run banks said on Saturday they would preferentially allot shares to the government in return for capital infusion. In December, the cabinet approved additional capital infusion of 60bn rupees into state-run banks to hike their capital adequacy and to lift the govt’s stake in them. The funds are in addition to 150bn rupees of infusion provided for in the 2010 budget. IOB said its board had approved issuing shares at a price to be determined in a statement to the stock exchange. UCO Bank, UBI and several other state-run banks are also expected to approve the fund infusion over the next few days.

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