UCO Bank seeks EGM approval for preferential issue

UCO Bank is convening an Extra-ordinary General Meeting of the shareholders on March 23, 2012 for seeking the approval of shareholders for the preferential issue proposals.

The Board will seek approval for issuance of upto 3,13,75,874 of equity shares of Rs. 10/- each for cash at a price as may be determined in accordance with 76(4) of SEBI (ICDR) Regulations 2009 on preferential basis to the Life Insurance Corporation of India.

The Board will also seek issuance of additional equity capital on preferential basis to the Government of India upto Rs. 500 crore or such other amount that the GOI may approve at a price as may be determined in accordance with 76 (1) of SEBI (ICDR) Regulations 2009.

The UCO Bank stock closed the day at Rs.81.85, down by Rs.2.95 or 3.48%. The stock hit an intraday high of Rs.85.95 and low of Rs.81.15.

The total traded quantity was 7.23 lakhs compared to 2 week average of 8.61 lakhs.

Source : Equity Bulls

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