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News about UCO Bank

January 2nd, 2008

The media had reports that UCO Bank is in talks to merge a bank with itself by FY09 and may raise atleast Rs. 450 crore through follow on public offering (FPO).

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

UCO Bank has vide its letter inter-alia stated,”We vehemently deny the contents of the referred news item. Our Bank’s proposal involving restructuring of capital has been submitted to the Central Government for its ‘ in principle approval’ which we are awaiting.”

Entry Filed under: Equity Markets, Banks & NBFC, NSE