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Clues by NC Team • 28 Mar 2019, Thursday

Union Bank of India has raised Rs 426 crore from its sale of shares to employees. However, the fund raising fell short of the targeted Rs 470 crore. The state-owned bank has allotted 7.29 crore equity shares at Rs 58.49 a share to employees under the Employees Stock Purchase Scheme (ESPS). Many lenders have resorted to ESPS route to bring down government’s holding below 75%. SEBI mandates every listed company to have minimum 25% public shareholding. However, government holding in Union Bank stood at 67.43% as at December end.

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