Signals, Powered By EquityPandit
UCO Bank will be raising over Rs 270.59 crore through issuance of shares to state owned life insurer LIC on preferential basis.
UCO has said in a regulatory filing that at extraordinary general meeting of the state-owned bank held on Saturday, shareholders approved issuing 7,17,00,000 equity shares to Life Insurance Corporation of India (LIC) at an issue price of Rs 37.74 per share.
It has further said that “Subsequent to the present issue to the LIC, the public shareholding will increase from 19.64 percent 23.33 percent and the shareholding of Government will reduce from 80.36 percent to 76.67 percent.”
