UCO Bank approves plan to raise Rs 625 cr
State-run lender UCO Bank said it will raise Rs 625 crore through the allotment of perpetual non-cumulative preference shares.
By PTI |
MUMBAI: State-run lender UCO Bank said it will raise Rs 625 crore through the allotment of perpetual non-cumulative preference shares.
The shareholders of the company took a decision to this effect at its extra-ordinary general meeting held on March 12, the public sector bank on Thursday said in a filing the Bombay Stock Exchange.
The shareholders authorised the board of directors to issue and allot perpetual non-cumulative preference shares up to Rs 625 crore in one or more tranches by way of public issue or on private placement basis or by any other permitted mode, it said.
The aforesaid shares would be allotted to Central Government, State Governments, individuals, companies, financial institutions, banks or qualified institutional buyers, it said.
The allottee would be made as deemed appropriate by the public sector lender and would be subject to necessary provisions and approvals, it added.
Shares of the bank closed at Rs 37.25 at the BSE, indicating no gain or loss from the previous close.
The shareholders of the company took a decision to this effect at its extra-ordinary general meeting held on March 12, the public sector bank on Thursday said in a filing the Bombay Stock Exchange.
The shareholders authorised the board of directors to issue and allot perpetual non-cumulative preference shares up to Rs 625 crore in one or more tranches by way of public issue or on private placement basis or by any other permitted mode, it said.
The aforesaid shares would be allotted to Central Government, State Governments, individuals, companies, financial institutions, banks or qualified institutional buyers, it said.
The allottee would be made as deemed appropriate by the public sector lender and would be subject to necessary provisions and approvals, it added.
Shares of the bank closed at Rs 37.25 at the BSE, indicating no gain or loss from the previous close.
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