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UCO Bank to raise Rs 271 crore equity from LIC

UCO Bank to raise Rs 271 crore equity from LIC
10 November 2016 Current Affairs: State-run UCO Bank will raise Rs 271 crore from Life Insurance Corporation of India in preferential allotment of equity shares at Rs 37.74 apiece. 

Uco Bank is one of the many lenders which are placing shares with LIC on preferential basis to bring down government stake and raise public holding. Banks need capital also to meet Basel III stringent capital norm. 

The preferential allotment of 7.17 crore equity shares will raise LIC's stake in Uco Bank to 14.5% from 10.38% at present, the bank said in a notice to National Stock Exchange. The bank held an extraordinary general meeting on November 5 where shareholders approved the capital raising plan. 

Consequently, the government holding will stand reduced to 76.67% from 80.36%. Public shareholding will increase to 23.33% from 19.64%. 

Uco shares closed Monday at Rs 33 on NSE, rose 0.76% from last week’s level. 

Listed companies are required have a minimum 25% public holding, according Securities & Exchange Board of India norm. However, regular infusion of government capital in state-run banks raise the government holding beyond the 75% limit. Sebi has mandated the .. 

Under Basel III, banks need to keep higher capital to cover credit risk. For instance, Uco's capital adequacy ratio was 10.59% at the end of June under Basel II, but it was a lower 9.9% under Basel III rules. 


March 2017 Current affairs
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February 2017 Current affairs
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January 2017 Current affairs
31 JAN
NEWS
30 JAN
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28 JAN
NEWS
27 JAN
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25 JAN
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24 JAN
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December 2016 Current affairs
31 DEC
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30 DEC
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29 DEC
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28 DEC
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27 DEC
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26 DEC
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November 2016 Current affairs
30 NOV
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29 NOV
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28 NOV
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26 NOV
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25 NOV
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