UCO Bank receives government funding for lending business

Lender in no hurry for follow-on public offering despite clearance for FPO would not expire.

UCO Bank said that it would review its plan to enter the equity market with a follow-on public offer (FPO). UCO Bank’s new chairman and management Arun Kaul said that the bank was adequately capitalised to grow its lending business this fiscal and it wasn’t hard-pressed to raise equity capital for the time being. “We have a new management and we have not applied our minds regarding an FPO so far. We will look into this issue later,” Mr Kaul told ET.

Incidentally, Mr Kaul and executive director NR Badrinarayanan have joined the bank just about a fortnight ago on September 1. Another executive director Ajai Kumar is also fairly new in the bank. The Kolkata-based bank was earlier planning sell six crore equity share to raise around `400-500 crore, including premium. It received the government’s clearance for an equity sale in mid-2009. Even, UCO Bank’s previous chairman SK Goel had announced about his plan to raise capital through FPO several times. But it never materialised.

View the full story in Economic Times.

Also Read

Philippine National Bank improves profitability on cost management

Security Bank’s buffers decline on loan growth and upcoming stake acquisition

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit