UCO Bank to raise Rs 2,000 crore through QIP in Q4
The government has extended the deadline for meeting minimum public shareholding norms for central public sector enterprises and public sector financial institutions till August 2026.
UCO Bank to raise Rs 2,000 crore through QIP in Q4
State-owned lender UCO Bank said the bank would raise Rs 2,000 crore through Qualified Institutional Placement (QIP) during the ongoing quarter to comply with Sebi's minimum public shareholding (MPS) norms.
The government has recently approved the QIP plan to raise to Rs 2,000 crore, UCO Bank Managing Director and CEO Ashwani Kumar said during an interaction with media on quarterly numbers. With this, the Government of India's holding would reduce by 3%. The Government of India holds a 95.39% stake in UCO Bank at the end of December 2024.
The government has extended the deadline for meeting minimum public shareholding norms for central public sector enterprises and public sector financial institutions till August 2026.
Of 12 public sector banks (PSBs), five are yet to comply with minimum public shareholding (MPS) norms and the government's holding is beyond 75% of them. As per the Securities and Exchange Board of India (SEBI), all listed companies must maintain an MPS of 25%.
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