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New Delhi, Oct. 31 The Union Cabinet has approved the capital-restructuring plan of UCO Bank by converting Rs 250 crore equity into preference shares. “The reduction in the pure equity capital will improve the earning per share and other financials so that the bank will have a more attractive capital structure if and when it approaches the capital market,” the Union Finance Minister, Mr P. Chidambaram, said here on Friday. He did not provide a schedule for the conversion.

UCO Bank has an equity capital of Rs 799.36 crore.

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