UCO Bank receives Rs 775 cr from government

Kolkata, Sep 27 (IANS) State-run UCO Bank on Tuesday said it received Rs 775 crore from the central government through preferential allotment of equity shares following the Centre's announcement of capital infusion of Rs 22,915 crore towards the recapitalisation of 13 public sector banks during 2016-17.

"... the Bank has received Rs 775 crore (rounded off) from the central government towards preferential allotment of 18,69,72,255 equity shares of Rs 10 each at a price of Rs 41.45 per share," the lender said in a filing to Bombay Stock Exchange.

The lender also said that the amount has been "deposited in the 'Share Application Money A/c' pending receipt of regulatory approvals for appropriation towards allotment money".

The Bank will endeavour to complete the allotment process according to the timeline.