State-run Uco Bank on Monday said it is planning to issue shares on a preferential basis to the government for a capital infusion of Rs. 775 crore.
“We inform that the board of directors considered the proposal for issue of equity shares to the government of India against their proposed contribution of Rs. 775 crore towards equity capital of our bank on preferential basis at a price determined in accordance with SEBI ICDR Regulations, 2009,” the bank said in a BSE filing.
The public sector lender said the proposed issuance of equity shares to the government was subject to approvals from Sebi, RBI and shareholders. Last month the Centre had announced a capital infusion plan of Rs. 22, 915 crore in 13 public sector banks for this fiscal.