In a filing at the Bombay Stock Exchange (BSE), UCO Bank informed that its board cleared a proposal to raise Rs 681 crore by issuing equity shares on preferential basis in favour of Government of India (GoI).
Thus, the bank would issue equity shares on preferential basis for an amount aggregating to the tune of Rs 681 crore.
The issue price may be determined in accordance with SEBI (ICDR) Regulations 2009, it said. The proposal is subject to necessary regulatory approvals, it said.
The government has approved infusion of Rs 12,517 crore in around 10 state-owned banks by March. Last fiscal, the government pumped in about Rs 12,000 crore additional in public sector banks as against Rs 20,117 crore in 2010-11.
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