UCO Bank Board approves allotment of Equity Shares to GOI & LIC

The Board of Directors of UCO Bank approved the allotment of equity shares to Government of India and Life Insurance Corporation of India on March 30, 2012.

The Board approved allotment of 58,18,887 of equity shares of Rs. 10/- for cash at a premium of Rs. 72.49 per share determined in accordance with SEBI (ICDR) Regulations to Government of India against its contribution of Rs. 47,99,99,988.63.

The Board also approved allotment of 3,13,75,874 equity shares of Rs. 10/- each for cash at a premium of Rs. 72.49 per share determined in accordance with SEBI (ICDR) Regulations to LIC of India aggregating to Rs. 258,81,95,846.26.

The equity shares so allotted shall rank pari-pasu with existing equity shares of the Bank including dividend.

The UCO Bank stock was trading at Rs.80.35, up by Rs.1.60 or 2.03%. The stock hit an intraday high of Rs.80.70 and low of Rs.78.75.

The total traded quantity was 1.40 lakhs compared to 2 week average of 3.92 lakhs.

Source : Equity Bulls

Keywords