UCO Bank allots 236170488 Equity Shares to Government of India

The Competent Authority has approved the allotment of equity shares of UCO Bank to Government of India.

The bank has allotted 23,61,70,488 (Twenty Three crore Sixty one lakh Seventy thousand Four hundred Eighty eight only) equity shares of face value of Rs. 10/- each on February 27, 2014 at a conversion price of Rs. 77.19 including premium of Rs. 67.19 determined in accordance with Regulation 76(1) of SEBI ICDR Regulations 2009, aggregating to Rs. 1823 crore (Rupees One Thousand Eight Hundred and Twenty three Crore only) by conversion of 182300 PNCPS having face value of Rs. 1,00,000/- each aggregating to Rs. 1823 crore held by Govt. of India.

The Bank has also allotted 2,59,10,091 (Two crore Fifty Nine lakh Ten thousand Ninety One only) equity shares of Rs. 10/- each for cash on February 18, 2014 at an issue price of Rs. 77.19/- (Rupees Seventy seven and paise Nineteen only) per equity share including premium of Rs. 67.19 (Rupees Sixty seven and paise Nineteen only) per share determined in accordance with Regulation 76 (1) of SEBI ICDR Regulations 2009 to Government of India against its contribution of Rs. 199,99,99,924.29.

The equity shares so allotted shall rank paripasu with existing equity shares of the Bank including dividend.

Shares of UCO BANK was last trading in BSE at Rs.64.6 as compared to the previous close of Rs. 63.7. The total number of shares traded during the day was 205090 in over 1628 trades.

The stock hit an intraday high of Rs. 65.1 and intraday low of 63.7. The net turnover during the day was Rs. 13226456.

Source : Equity Bulls

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