Online BusinessUCO Bank seeks shareholders' nod for fund raising
Public sector lender UCO Bank today said it will convene a meeting of its shareholders to decide whether it should come out with a follow-on public offer (FPO) or placement of shares to qualified institutional buyers to raise funds.
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The bank"s board, at its meeting held on January 30, "had resolved to raise six crore equity shares of face value of Rs 10 at a suitable premium either through FPO or through QIP", the state-run lender said in a filing to Bombay Stock Exchange.
Besides, the board approved to "convene an extra-ordinary general meeting of shareholders to obtain their approval for raising the subject equity capital either through FPO or QIP", UCO Bank said.
The government has already given its approval for the FPO plan of the bank.
For the QIP, the proposal is subject to the nod of the government of India, it said.