No formal merger proposals: Uco bank

Thebullishtrends: As per latest reports the State run PSU Uco Bank (Cmp:70)clarified that they did not any formal merger proposals from any bank till now. Bank said that "Government is encouraging merger of banks, we are also open to the idea, but we have not received any concrete merger proposals at this moment". The bank is awaiting government approval for its capital restructuring proposal, following which it plans to go for Public Issue. Mean while Uco Bank share prise rose to Rs.70 with a gain of Rs.11 yesterday.