UCO Bank climbs over 5% on capital restructuring
Shares of UCO Bank gathered momentum after the state-run lender said on Tuesday the government's stake would fall to 63.59% as a result of a capital restructuring scheme. The government owned 74.98 percent of the bank earlier.
By ET Online |
MUMBAI: Shares of UCO Bank gathered momentum Wednesday after the state-run lender said on Tuesday the government's stake would fall to 63.59 per cent as a result of a capital restructuring scheme. The government owned 74.98 percent of the bank earlier.
UCO Bank restructured its equity capital by reducing it by almost one-third from the current level of around Rs 800 crore, a move that would help the bank attract more investors.
The PSU lender will convert Rs 250 crore of equity out of the total of Rs 799.36 crore to perpetual non-cumulative preference shares, the bank informed the Bombay Stock Exchange.
Earlier, UCO Bank had plans to come out with follow-on public offer, subject to capital restructuring and market conditions.
At 10:45 am, the stock was up 5.5 per cent at Rs 28.75 with volume traded at 2,78,886 against two-week average of 2,85,896 shares.
UCO Bank restructured its equity capital by reducing it by almost one-third from the current level of around Rs 800 crore, a move that would help the bank attract more investors.
The PSU lender will convert Rs 250 crore of equity out of the total of Rs 799.36 crore to perpetual non-cumulative preference shares, the bank informed the Bombay Stock Exchange.
Earlier, UCO Bank had plans to come out with follow-on public offer, subject to capital restructuring and market conditions.
At 10:45 am, the stock was up 5.5 per cent at Rs 28.75 with volume traded at 2,78,886 against two-week average of 2,85,896 shares.
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