UCO Bank approves Conversion of Perpetual Non-Cumulative Preference Share Capital held by Government of India into equity shares

Govt. of India vide their communication dated January 06, 2014 conveyed their approval for conversion of Perpetual Non-Cumulative Preference Shares (PNCPS) held by the Government of India to the tune of Rs. 1823 Crore into equity shares in favour of Govt. of India, subject to approval of shareholders, SEBI and other authorities.

The Board of Directors of UCO Bank at their meeting held on January 07, 2014 approved above proposal for conversion of PNCPS aggregating to Rs. 1823 Crore by issue of equity shares on preferential basis to Government of India at a price as may be determined in accordance with Regulation 76(1) of SEBI ICDR Regulations, 2009, subject to approval of SEBI, RBI and shareholders.

Shares of UCO Bank was last trading in BSE at Rs.74.45, down by Rs.0.90 or 1.19%. The stock hit an intraday high of Rs.76.95 and intraday low of Rs.74.

The total traded quantity was 6.64 lakh shares as compared to 2 week average of 7.19 lakh shares.

Source : Equity Bulls

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