Public sector Uco Bank is planning a follow-on public offer (FPO) of shares to raise Rs 200-250 crore in the first half of the calendar year 2008 to fund asset expansion.
“The bank also has plans to raise Rs 200 crore in tier-II bonds by March-end 2008,” Uco Bank Chairman and Managing Director S K Goel said today.
Uco Bank has submitted a capital restructuring plan to the government. It has suggested for a conversion of Rs 300 crore worth equity shares into preference shares and the bank expects to get the government’s nod in 45 days. At the moment, the bank has a paid-up capital of Rs 800 crore.
The share sale would dilute the government’s holding to 55 per cent from the present 75 per cent.
Read more in The Business Standard article.
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