Sampath said its was infusing Rs. 600 mn to Rs. 700 mn to bail out the troubled Union Bank.
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rnThe Sampath led consortium of investors also includes Chinkara Capital of Singapore. rn
rnldblquote The recapitalisation/restructuring proposal when implemented, would result in a reconstitution of the appointment of an Advisory Board to oversee its operation, dblquote Sampath said in a statement.rn
rnSampath Bank and the Chinkara group are tipped to invest Rs. 250 mn each, with other investors including National Savings Bank taking up the balance.
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rnHowever, the statement made no reference to NSBs involvement. The consortium has been trying to tempt NSB to chip in with the re-capitalisation effort.
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rnBut the savings giant is not too keen. NSB Chairman S Swaminthan told a recent news conference that any investment involving Union Bank, would require the bank to get Treasury and Central Bank approval.rn
rnEarlier this year, Union Bank shareholders gave their approval to raise the authorise capi