UCO Bank allots over 203 crore preferential shares to government for Rs 2,600 crore capital infusion
UCO Bank allots over 203 crore preferential shares to government for Rs 2,600 crore capital infusion

UCO Bank on Friday said it has allotted over 203 crore preferential shares to the government in lieu of Rs 2,600 crore capital infusion for 2020-21.

"We hereby inform that the competent authority this day allotted 203,76,17,554 equity shares of Rs 10 each to Government of India at an issue price of Rs 12.76 per share against capital contribution of Rs 2,600 crore received by the Bank on 31.03.2021," UCO Bank said in a BSE filing.

On Thursday, the bank said its board has approved a proposal to raise up to Rs 3,000 crore equity capital in 2021-22 through various means including preferential issue, follow on public offer or qualified institutional placement.

UCO Bank stock closed 2.81 per cent up at Rs 13.52 on BSE.

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