UCO Bank Launches ₹2,000 Crore QIP to Strengthen Capital Base

UCO Bank has officially launched a Qualified Institutional Placement (QIP) to raise ₹2,000 crore, setting the issue price at ₹34.27 per share, which reflects a 9.19% discount to its recent closing price. This strategic move aims to bolster the bank's capital base and support its growth initiatives. The QIP is expected to attract significant interest from institutional investors, following the bank's strong financial performance, including a 27% rise in net profit for the third quarter. The funds raised will also help reduce the government’s stake in the bank by approximately 3%.

 

Source: CNBC-TV18