UCO Bank likely to go for follow-on public offer

Kolkata-based public sector bank, UCO Bank today said its is likely to go for a follow on public offer of shares by December-end to raise about 500-600 crore.

The bank is waiting for government approval for restructuring  its equity capital  before  going ahead  with the follow on public offer.

The bank has requested to convert Rs 300 crore out of the government's share Rs 800 crore paid up capital into preference shares. This is likely to happen by September end.