UCO Bank to get Rs 681 crore from govt by March

UCO Bank today announced it will get Rs 681 crore as part of the government's capital infusion plan for the current fiscal.

The board approved the proposal for issue of equity shares on preferential basis in favour of Government of India for an amount aggregating to the tune of Rs 681 crore, UCO Bank said in a filing on the BSE.

The issue price may be determined in accordance with SEBI (ICDR) Regulations 2009, it said.

The proposal is subject to necessary regulatory approvals, it said.

The government has approved infusion of Rs 12,517 crore in around 10 state-owned banks by March.

Last fiscal, the government pumped in about Rs 12,000 crore additional in public sector banks as against Rs 20,117 crore in 2010-11.