UCO Bank has received approval from shareholders for issuance of preferential shares to the government for Rs 2,600 crore capital infusion. The shareholders have also approved adjusting the bank’s accumulated losses by March 2020 against the balance in the share premium account. The decisions were taken at the extraordinary general meeting of the shareholders held on May 7, 2021. These proposals have been considered and approved by the shareholders through remote e-voting and e-voting during the meeting.
The shareholders have approved issuance of 203,76,17,554 equity shares at an issue price of Rs 12.76 per equity share aggregating to Rs 2,600 crore on preferential basis to Government of India.
UCO Bank is a commercial bank and a Government of India Undertaking. The Bank offers wide range of services includes Personal Banking, Corporate Banking, International Banking, Rural Banking and other services.