United Western Bank Board to submit scheme of reconstruction by investing Rs.350 Crores

United Western Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on September 06, 2006, has unanimously resolved to submit the Scheme of Reconstruction of the Bank u/s 45 (4) (d) of Banking Regulation Act, 1949, to Reserve Bank of India which, inter-alia ,includes infusion of Capital by SICOM Ltd., Govt of Maharashtra and HDFC Ltd / IDFC to the extent of Rs 350 crores.

The aforesaid scheme of Reconstruction has been submitted to RBI for its consideration on September 07, 2006.

Source : Equity Bulls

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