Uco Bank to raise Rs 2,250 cr

Mumbai: Public sector lender Uco Bank on Thursday said it will raise a total of Rs 2,250 crore by issuing preferential shares to the government and to investors or qualified institutional buyers.

• Shareholders of the bank have approved to mop up the amount by allotting perpetual non-cumulative preference shares on private basis to the government and to various entities on private placement basis, Uco Bank said in a filing to the Bombay Stock Exchange.
• The bank has got approval to allot 70,000 such shares aggregating to Rs 700 crore to the government, the filing added.
• Further, the company would also raise funds up to Rs 1,550 crore by issuing perpetual non-cumulative preference shares to various entities on private placement basis, it said. Shares of Uco Bank today closed at Rs 46.80 on BSE, down 0.53% from previous close.