Barclays' shareholders on track to approve funds

Shareholders of Barclays PLC, Britain's second largest bank, were on course Monday to vote in favor of a plan to raise 7 billion pounds ($10.5 billion), largely from funds in the Middle East.

Chairman Marcus Agius told shareholders that the count of proxy votes cast ahead of the meeting indicated that the required majority would be achieved.

If approved, the deal will see the bank accepting roughly 5.3 billion pounds from a trio of private investors from Qatar and Abu Dhabi as well as 1.7 billion pounds from other investors.

The deal had been dogged with controversy since it was originally announced last month.

Two key shareholder …