UCO Bank gets govt nod for public offer

The government has given the green signal to the follow up public offer of UCO Bank by the end of this year. This comes a year after Indian Bank and Central Bank were allowed to tap the capital markets, with an IPO. UCO Bank will raise Rs 300-400 crore by offering 10 crore shares to the public, reducing the government's stake to just over 50%. But before this, UCO's equity base will be restructured with 300 crore of equity to be converted into preference capital.