UCO Bank Public Offer Likely In April May (03-Mar-2010)
UCO Bank''s follow-on public offer of 60 million equity shares will hit market by end of April or early May, its chairman and managing director, S K Goel said.
He said that a final call would be taken by the board on the method of fund raising including Follow on Public Offer (FPO) as well as Qualified Institutional Placement (QIP) or combination of both depending on market condition.
Moreover he said that for the FPO, the government had given its approval but the bank may go for either FPO or a QIP or combination of both..
Following the lukewarm response from public offers of PSUs that hit the market recently, the alternate plans are on the bank''s board.
UCO Bank closed at Rs.59.5, up by 2.50%.
The stock hit an intraday high of Rs.60.1 till now, as against the 52-week high of Rs.64.75.The stock hit a low of Rs.58 during the day. The stock had hit a 52-week low of Rs.22.1 on March 12, 2009.
The stock opens at Rs.58.1 at BSE. The total traded volume of the scrip on BSE till now stood at 883238.
Meanwhile today, the BSE Sensex closed up by 227.45 points, or 1.36% , at 17000.01.
The NSE Nifty closed higher by 71.10 points, or 1.42% , at 5088.1.
UCO Bank has an equity capital of Rs 549.36 crore as of 2009 Dec. The face value per share is Rs 10. At the current price of Rs 59.5, the P/E multiple stood at 5.86583924349882 with book Value of 50.88 and P/BV at 1.17.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 63.59%, Institutional Investors- 12.66%, General Public- 19.55% and other investors- 4.20%.
Considering the current price of Rs. 59.5 at 4:01:00 PM , the stock had underperformed the market over the past one month till 03/03/2010 declined -2.62% as compared to the Sensex''s return of 3.94% and NSE Nifty''s 3.94 % returns.
Considering the current price of Rs. 59.5 at 4:01:00 PM , the stock had outperformed the market over the past one quarter till 03/03/2010 surged 4.2% as compared to the Sensex''s return of -0.59% and NSE Nifty''s -0.59 % returns.
At the EGM shareholders gave approval for a follow-on offer of six crore shares. The government on January 19 had conveyed its nod for raising equity capital by six crore shares through book building process.
UCO Bank registered around 22% rise in advances to Rs 74,300 crore while 20% growth in deposits as on December 31, 2009 to Rs 1,04,000 crore.
However, the bank''s total business grew by about 21% at Rs 1,78,300 crore and it aims to achieve a business growth of Rs 2,02,000 crore by the end of current fiscal.
Meanwhile, the bank plans to sell non-performing assets (NPA) worth Rs 100 crore by February.
According to S K Goel, chairman and managing director of UCO Bank, the bank posted 20.70% overall business growth in the third quarter, thus taking the total business of the bank to Rs 1.78 lakh crore.
The bank''s net interest margin in the last quarter stood at 2 per cent as against 1.76 per cent in the period ended July- September quarter of the current fiscal.
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