UCO BANK GETS RS 940-CR CAPITAL INFUSION FROM GOVT

The Centre has raised its stake in UCO Bank, from its previous holding of 63.59 per cent to 68.13 per cent, through an additional capital infusion of Rs 940 crore. Fund infusion will be through the preferential issue of equity shares. . The bank allotted 7,81,57,479 equity shares of Rs 10 each at a premium of Rs 110.27 per share on preferential basis. Of the capital infusion of Rs 940 crore, Rs 78.15 crore has been transferred to Share Capital Account and the remaining Rs 861.85 crore, to the Share Premium Account. As a result of the capital infusion, the Tier-1 capital of the bank will improve from 7.47 per cent to 8.14 per cent and overall CRAR will be above 13 per cent, the bank said in a release.

SOURCE: http://www.thehindubusinessline.com/todays-paper/tp-money-banking/article1572044.ece