HDFC to invest Rs 70cr in UWB

Housing Development Finance Corporation (HDFC), along with one or more of its subsidiary/associate companies, is planning to invest up to Rs 70 crore as equity in United Western Bank (UWB).

According to a release issued by HDFC to the BSE today, the investment is subject to terms and conditions as may be imposed by the Reserve Bank of India (RBI) and receipt of requisite regulatory and other approvals.

"The said investment will be made by the corporation and/or any one or more of its subsidiary/associate companies along with Sicom and the Government of Maharashtra," the release added.

HDFC Bank, in a release issued to the BSE today, announced that it would consider investing in the equity shares of UWB.

PTI adds: Infrastructure Development Finance Company (IDFC) is planning to invest up to Rs 35 crore in UWB.

Meanwhile, UCO Bank is submitting an expression of interest (EOI) to RBI for taking over UWB.

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