Financial Daily from THE HINDU group of publications
Wednesday, Oct 15, 2003
Financial Daily from THE HINDU group of publications Wednesday, Oct 15, 2003 |
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Opinion
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Letters Strange support
It is true that UCO Bank, the once perceived "weak bank" from Kolkata, made a spectacular debut in the capital market listing at a considerable premium. Even though the employee quota was not oversubscribed by much (1.34 times), the issue received huge public support (18 times). The public and the capital market seem to have totally forgotten and put aside the fact that it was the public sector status of the bank that has helped it come out of its trouble. It is ironical that against the bank's current requirement of Rs 240 crore, the public has reposed confidence by investing more than Rs 4,000 crore, more or less equivalent to the capital infused by the Government to enable the bank write-off its past losses. A strange phenomenon, indeed. R. S. Raghavan Bangalore Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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