UCO Bank and United Bank of India have received infusion of Rs 300 crore and Rs 250 crore respectively by way of perpetual non-cumulative preference shares (PNCPS) under the recapitalisation scheme of the Government.
UCO Bank had sought infusion of about Rs 1,200 crore during the financial year 2009-10, which has been received by the bank in three tranches including Rs.900 crores received during the financial year 2009-10.
The infusion would shore up the bank's capital adequacy ratio to over 14 per cent from 13.5 per cent as on March 31, 2010. The bank has also sought approval for further infusion of Rs 1,500 crore during 2010-11.
UCO Bank aims to achieve 22 per cent growth in credit during the current fiscal.
The bank might also go in for a follow-on public offer (FPO) by the end of July and expects to raise Rs 400-450 crore through the issue.
United Bank of India also got its share of Rs 250 crore out of the total Rs 800 crore sought from the Government under the recapitalisation scheme.
The capital adequacy ratio of the bank, which was at 12.8 per cent as on March 31, 2010, would go up by about 20-30 basis points post the infusion.
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