UCO Bank is planning to raise over Rs 270.59 crore by issuing shares to state-owned life insurer LIC on a preferential basis. LIC holds 10.38 per cent in UCO Bank and after the preferential allotment of additional 7.17 crore shares, LIC’s shareholding in the bank will increase to 14.50 per cent of the total equity capital.
Subsequent to the present issue to the LIC, the public shareholding will increase from 19.64 per cent to 23.33 per cent and the shareholding of Government will reduce from 80.36 per cent to 76.67 per cent.
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.
