UCO Bank has proposed to set off its accumulated losses of over Rs 12,537 crore by utilising the balance in the share premium account and has convened an EGM next month to seek shareholders' approval.
A share premium account reflects the difference between the par/face value of shares and the subscription price of the shares. It is an additional paid-in capital, which can also be termed as paid-in capital in excess of par value. It is a reserve that cannot be distributed, however, can be used for the defined purposes. The bank will also seek the approval of the shareholders for issuing preference shares to the government for capital infusion in the next EGM.
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.
