Financial Daily from THE HINDU group of publications
Saturday, Sep 20, 2003
Financial Daily from THE HINDU group of publications Saturday, Sep 20, 2003 |
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Money & Banking
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IPOs UCO Bank IPO share allotment process on Our Bureau
Kolkata , Sept. 19 UCO Bank will shortly finalise allotment of shares following the recent IPO. The bank, according to informed sources, would not like to hold on to nearly Rs 4,000 crore of floating funds even though it is permitted to do so for a full month. The issue was oversubscribed 17.5 times, collecting a whopping Rs 4,200 crore, the highest ever subscription in a bank issue. The former record was Rs 4,040 crore for the Corporation Bank IPO, the sources pointed out. UCO's issue size was Rs 240 crore. The net public offer was oversubscribed more than 19 times.As many as 10,53,000 applications were received. The number of applications was higher only in the case of two other banks, namely, Oriental Bank of Commerce and SBI. The retail and corporate sectors accounted for 90 per cent of the UCO issue while banks, insurance companies, FIs and MFs together accounted for the balance 10 per cent. Oversubscription by the employees was 1.3 times.
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