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Uco Bank plans to raise capital by selling up to 750 million equity shares

LiveMint logoLiveMint 09-05-2017 Soumonty Kanungo

Kolkata: Public sector lender Uco Bank on Tuesday said its board will meet on Friday to consider raising capital by selling up to 750 million equity shares in the current fiscal year.

The bank’s shares rose 0.7% to Rs42.65 apiece on Tuesday on the BSE in a flat market.

At current market price, the proposed share sale would bring in around Rs3,200 crore of fresh capital which it needs to boost lending.

The bank said it could sell the shares in multiple tranches, and it is weighing several options including a follow-on public offer (FPO) and sale of shares to employees.

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