Active Stocks
Mon Mar 18 2024 15:55:53
  1. Tata Steel share price
  2. 149.60 5.69%
  1. Tata Motors share price
  2. 972.20 2.75%
  1. ITC share price
  2. 417.40 -0.51%
  1. State Bank Of India share price
  2. 730.70 -0.18%
  1. ICICI Bank share price
  2. 1,082.00 0.32%
Business News/ Industry / Banking/  UCO Bank board approves raising Rs1,000 crore via QIP
BackBack

UCO Bank board approves raising Rs1,000 crore via QIP

UCO Bank board also approved raising Rs500 crore from tier-II bonds

UCO Bank shares closed at Rs20.80 per unit, up 0.73%, on BSE. Photo: MintPremium
UCO Bank shares closed at Rs20.80 per unit, up 0.73%, on BSE. Photo: Mint

New Delhi: State-owned UCO Bank on Thursday said it has got board approval for raising Rs1,000 crore through sale of shares on private placement basis to fund business growth.

The board of the bank, in its meeting held on Thursday, also approved raising Rs500 crore from tier-II bonds.

The equity capital of Rs1,000 crore would be raised through Qualified Institutions Placement (QIP), UCO Bank said in a regulatory filing. However, it did not specify the timeline.

The board also cleared a proposal to raise capital through issue of up to 20 crore shares under Employee Stock Purchase Scheme (ESPS), the filing said.

Shares of the bank closed at Rs20.80 per unit, up 0.73%, on the BSE.

At the current market price, the bank would raise about Rs400 crore through ESPS.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 17 Jan 2019, 08:22 PM IST
Next Story footLogo
Recommended For You
Banking Stocks
₹1,048.31.24%
₹1,452.2-0.41%
₹1,078.60.32%
₹117.751.95%
₹732-0.18%
Switch to the Mint app for fast and personalized news - Get App