UCO Bank board to discuss share issue to govt on Feb 9

Public sector UCO Bank today said its board will meet on February 9 to discuss issuing equity shares to the government in lieu of capital infusion of Rs 5,132 crore.

In a BSE filing, UCO Bank said the government has said it will infuse Rs 6,507 crore into the lender in current fiscal to improve capital adequacy. This includes Rs 1,375 crore capital already received on December 29, 2017.

"The board of the bank will consider the proposal for issue of equity share on preferential basis to Government of India against the proposed additional capital infusion of Rs 5,132 crore in the ensuing meeting scheduled to be held on February 9," it said.