State-owned UCO Bank is all set to raise Rs 270 crore by selling 7.17 crore shares to Life Insurance Corporation of India (LIC) on a preferential basis. With the preferential share allotment, LIC’s stake in the bank will increase by 5.5 per cent. Currently, insurance companies, including LIC, holds 12.02 per cent stake in the bank.
UCO Bank is a commercial bank and a Government of India Undertaking. The bank offers wide range of services includes Personal Banking, Corporate Banking, International Banking, Rural Banking and other services.