Public sector lender UCO Bank on Wednesday said its Board has approved a proposal to issue equity shares on preferential basis to the government for capital infusion of ₹1,375 crore.
“We have received the approval of Board of Directors...for the proposal to issue equity shares on preferential basis to Government of India against capital contribution of ₹1,375 crore subject to necessary approvals,” UCO Bank said in a BSE filing.
The government had on October 24 unveiled a ₹2.11 lakh crore two-year road map for strengthening NPA-hit public sector banks, which includes re-capitalisation bonds, budgetary support and equity dilution.
Stock of the bank was trading 1.15 per cent higher at ₹30.70 apiece on BSE.