UCO Bank to Issue Fresh Equity Shares to Meet SEBI Norms

UCO Bank plans to issue up to 270 crore fresh equity shares in the fiscal year 2025-26 to reduce the government's stake to 75% in compliance with SEBI's MPS norms. This follows a successful QIP in March, raising Rs 2,000 crore and bringing the government’s stake down to 90.95%.

UCO Bank has announced its intention to issue up to 270 crore fresh equity shares by the fiscal year 2025-26 in a move to comply with SEBI's minimum public shareholding norms by reducing the government's stake to 75%.

This decision follows the successful completion of a Qualified Institutional Placement (QIP) during the March quarter, where the bank raised Rs 2,000 crore, effectively lowering the government’s shareholding from 95.39% to 90.95%.

UCO Bank, headquartered in Kolkata, has been actively working on enhancing its asset quality and boosting profitability, as evidenced by a near 24% year-on-year increase in consolidated net profit for the quarter ended March, reaching Rs 665.72 crore.