UCO Bank to raise Rs 1,375 cr from govt via preferential shares

Public sector lender UCO Bank today said its Board has approved a proposal to issue preferential equity shares to the government for Rs 1,375 crore.
 
“We have received the approval of Board of Directors...for the proposal to issue preferential shares to government of India against capital contribution of Rs1,375 crore subject to necessary approvals,” UCO Bank said in a BSE filing.
 
This capital infusion is a part of public sector banks' recapitalisation programme. 
 
The bank's share closed slightly higher from its previous closing of Rs 30.35 on the BSE.