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UCO Bank to raise Rs 3,000 crore in FY21, seeks shareholders nod

The equity capital will be raised though various modes such as follow on public offer (FPO), qualified institutional placement (QIP), preferential issue, says UCO Bank

twitter-logoBusinessToday.In | July 23, 2020 | Updated 22:38 IST
UCO Bank to raise Rs 3,000 crore in FY21, seeks shareholders nod
Shares of UCO Bank closed Thursday's trade at Rs 14.15, up 0.15 per cent, on the BSE

State-owned UCO Bank on Thursday said that it will raise equity capital amounting to Rs 3,000 crore during the financial year 2020-21 through various modes, subject to requisite approval. The fund will be raised though various modes such as follow on public offer (FPO), qualified institutional placement (QIP), preferential issue etc.

"The board of directors of the bank, this day, 23rd July,2020, approved the proposal by circulation for raising of equity capital aggregating to Rs.3000 crore during the financial year 2020-21 through various modes such as Follow on Public Offer (FPO), Qualified Institutional Placement (QIP), Preferential Issue etc. subject to necessary approvals from shareholders, Govt. of India, RBI and SEBI," UCO Bank said in a filing to the Bombay Stock Exchange.

Further, the above proposal of raising of equity capital will be placed in the Annual General Meeting of the bank scheduled to be held on August 7, 2020 for seeking the shareholders' approval, the lender said.

The public sector lender closed the financial year 2019-20 (FY20) with net loss of Rs 2,436.83 crore as compared to loss of Rs 4,321.08 crore in 2018-19.

On the asset quality front, gross non-performing assets (GNPAs) as a percentage of gross advances continued to remain at an elevated level of 16.77 per cent in FY20, better than 25 per cent in FY19. The percentage of net NPA stood at 5.45 per cent against 9.72 per cent last year.

Meanwhile, shares of UCO Bank closed Thursday's trade at Rs 14.15, up 0.15 per cent, against the previous closing price of Rs 14.14 on the BSE.

Also Read: UCO Bank reports loss of Rs 2,437 crore in FY20, revenue down 14%

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