UCO Bank To Issue 3.13 Crore Shares To LIC (22-Feb-2012)
UCO Bank is likely to issue 3.13 crore equity shares to Life Insurance Corporation of India (LIC) on preferential basis. The board of directors of the bank has decided to issue these shares at a price as determined in accordance with Securities Exchange Board of India (ICDR) Regulations 2009 at a meeting in Kolkata.
The bank is looking for the approval from Union Government, Reserve Bank of India and the bank's shareholders for the issue. Currently LIC holds 8.44% of the total shares of UCO Bank. It held a total of 5.3 crore shares in the bank as on December 31, 2011.
The bank has posted an increase of 10.39% in its Q3FY12's net profit at Rs 332.55 crore as compared to Rs 301.24 crore for the corresponding quarter of the previous year. The bank's total income has increased by 27.83% to Rs 3,973.62 crore for the quarter under review from Rs 3,108.39 crore for the corresponding quarter of the previous year.
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