UCO Bank to raise Rs 2,000 crore via QIP this quarter
State-owned UCO Bank on Tuesday said the bank would mobilise Rs 2,000 crore through Qualified Institutional Placement (QIP) during the ongoing quarter to comply with Sebi's minimum public shareholding (MPS) norms.
)
State-owned UCO Bank on Tuesday said the bank would mobilise Rs 2,000 crore through Qualified Institutional Placement (QIP) during the ongoing quarter to comply with Sebi's minimum public shareholding (MPS) norms.
The government has recently approved the QIP plan to raise up to Rs 2,000 crore, UCO Bank Managing Director and CEO Ashwani Kumar said during an interaction with media on quarterly numbers.
The bank has already appointed merchant bankers and legal advisers for the proposed QIP and started meeting investors, including mutual funds, he said, adding that at an opportune time, the bank would launch QIP in this quarter.
Post QIP, the Government of India's holding would reduce by 3 per cent.
The Government of India holds 95.39 per cent stake in UCO Bank at the end of December 2024.
The government has extended the deadline for meeting minimum public shareholding norms for central public sector enterprises and public sector financial institutions till August 2026.
Of 12 public sector banks (PSBs), five are yet to comply with minimum public shareholding (MPS) norms and the government's holding is beyond 75 per cent in them.
As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent.
Meanwhile, UCO Bank reported a 27 per cent increase in net profit at Rs 639 crore for the third quarter ended December 2024 helped by both interest and non-interest income.
The Kolkata-based lender had logged a net profit of Rs 503 crore in the same quarter a year ago.
Operating profit also rose to Rs 1,586 crore against Rs 1,119 crore in the December 2023 quarter.
Total income increased to Rs 7,406 crore compared to Rs 6,413 crore in the same period last year, UCO Bank said in a regulatory filing.
Interest income also rose to Rs 6,220 crore from Rs 5,552 crore a year ago.
Net Interest Income (NII) during the quarter rose by 20 per cent to Rs 2,378 crore over Rs 1,988 crore for the same period of the preceding year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

Fixed Deposit Rates for 1 Lakh Investment: Compare SBI, PNB, HDFC, ICICI, and Post Office 3-year FD returns

Income Tax Calculations: What will be your tax liability if your salary is Rs 8 lakh, Rs 14 lakh, Rs 20 lakh, and Rs 26 lakh?

Top 7 SBI Mutual Fund MFs by One-time Investment Return: Rs 1 lakh has grown to Rs 2.85 lakh-3.48 lakh in 5 years; see list, compare SIP returns

Monthly Pension Calculations: Is your basic pension Rs 25,000, Rs 35,000, or Rs 50,000? Know what can be your total pension as per latest DR rates

Power of Compounding: How long it will take to build Rs 8 crore corpus with Rs 7,000, Rs 11,000 and Rs 16,000 monthly investments

Dearness Allowance (DA) Calculations: Is your basic monthly salary Rs 25,500, Rs 35,400, or Rs 53,100? Know how much DA will you get at different rates
08:25 PM IST