UCO Bank Capital infusion by gov.

UCO Bank has announced about capital infusion in the Bank :

“In the restructured equity capital of Rs 549.36 crore as at present, the Govt. of India (In the name of THE PRESIDENT OF INDIA) holds Rs 349.36 crore constituting 63.59% of the total equity capital of the Bank. Besides, the Govt. of India (in the name of THE PRESIDENT OF INDIA) also holds 25000 nos. Perpetual Non Cumulative Preference Shares (PNCPS) of face value of Rs 1 lac each aggregating to Rs 250 crore. In this connection, kindly refer to the letter no. HO/Finance/Share/332/2008-09 dated February 12, 2009.

In this context, we may also advise that we have since received a letter from Govt. of India, Ministry of Finance, vide its letter F.No.11/14/2006-BOA dated the March 18, 2009 advising us of its decision to infuse fresh capital of Rs 450 crore during the current Financial Year ending March 31, 2009. Though the relative capital funds have not yet been received as well as the form in which it would be received, we submit this information in compliance with the provisions of Listing Agreement with the Stock Exchanges. The details of communication from the Govt. of India is awaited as well as the actual receipt of funds we note to advise you appropriately in this regard soon after the funds have been received, accounted for in the books and the Board has decided to allot the capital in favour of The President India.”

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