Kolkata-based UCO Bank is planning to raise between Rs 400 crore and Rs 450 crore through a follow-on offer during the fourth quarter of the current financial year, bank chairman and managing director, SK Goel said while announcing the financial results of the company.
?Depending upon market conditions, we would be able to raise anything between Rs 400 crore and Rs 450 crore while actual equity capital to be garnered would be Rs 100 crore,? Goel said.
Uco Bank, Goel said, has just received the ministerial approval to its proposed capital restructuring plan whereby Rs 300 crore out its total capital of Rs 800 crore would be converted into preference capital.
?The proposal gives us a headroom of Rs 200 crore of equity out of which Rs 100 crore would be raised during this fiscal,? Goel said.
UCO Bank on Monday came out with its financial results.
It has posted 9.8% growth in its net profit of Rs 110.53 crore for the quarter to September 2007 as against Rs 100.7 crore in corresponding quarter of last year.
Net interest income is down 5.9% to Rs 383.23 crore against Rs 407.45 crore while operating profit has reduced by 3.7% to Rs 212.44 crore.
Net Interest Margin has gone up from 2.27% to 2.52% during the period.