UCO Bank okays preference shares issue to govt for Rs 2,600 cr capital infusion

NEW DELHI: State-owned on Wednesday stated its board has permitted allotment of desire shares to the federal government for infusing Rs 2,600 crore capital.

“The board of administrators of the financial institution, at the present time i.e. seventh April 2021, permitted the proposal for the problem of fairness shares on preferential foundation to the federal government of India in opposition to capital infusion of Rs 2,600 crore,” UCO Financial institution stated in a regulatory submitting.

The lender stated a unprecedented normal assembly of the shareholders of UCO Financial institution can be held on Might 7, 2021 (by video convention) for looking for approval from them for the proposal.

In a separate submitting, Chennai-based state-owned

stated its board of administrators will take up the proposal for allotment of fairness shares on a preferential foundation to the federal government for capital infusion of Rs 4,100 crore on April 12.

UCO Financial institution scrip closed at Rs 11.37 apiece on BSE, up 1.70 per cent from the earlier shut. Indian Abroad Financial institution inventory ended up 0.62 per cent at Rs 16.15.

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