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NEW DELHI, State-owned UCO Financial institution on Saturday stated it’s planning to lift as much as Rs 2,000 crore by share sale in the course of the December quarter. The plan to come back out with Rs 1,500-2,000 crore certified institutional placement within the present quarter as a part of the technique to satisfy minimal public shareholding (MPS) norms, UCO Financial institution Managing Director and CEO Ashwani Kumar stated.
In line with Sebi, all listed corporations should preserve an MPS of 25 per cent.
The federal government’s stake within the financial institution will come down 2-3 per cent post-QIP, Kumar additional stated.
The Authorities of India’s stake within the Kolkata-based financial institution stood at 95.39 per cent on the finish of September 2024.
Public sector banks (PSBs) and monetary establishments have gotten time until August 2026 to adjust to the minimal public shareholding norms.
Of the 12 PSBs, 5 are but to adjust to minimal public shareholding (MPS) norms and the federal government’s holding is past 75 per cent.
The board and the federal government’s approval is already in place for the share sale, and street present for the QIP will probably be undertaken quickly, he stated.
The lender’s capital adequacy ratio stood at 16.84 per cent with Tier I Capital Ratio of 14.59 per cent on the finish of September.
