UCO Bank Plans FPO

Thebullishtrends : The public sector bank Uco bank will file the draft prospectus to SEBI in the Dec'07 month end. The bank plans for Fixed Price Option. Uco bank has paid up capital of Rs.799.30cr0re,as a restructuring programme the bank plans to convert Rs.300crore into Preference share capital.

After this FPO the government holding will come down to 55 percent from the current level of 75 percent. On Friday Uco Bank shares closed to Rs.57.50 in BSE.