The board of the bank at its meeting has approved a proposal for issue of 6.08 crore shares of Rs 10 each to Life Insurance Corporation of India (LIC) on preferential basis at a price to be determined in accordance with Sebi regulation, UCO Bank said in a statement.

LIC currently holds 8.69 percent stake in UCO Bank. Following the fresh investment, stake of LIC would further go up by more than 5 percent.

At the current market price, the bank would raise about Rs 416 crore by allotting shares on preferential basis to LIC.

Shares of the bank closed at Rs 68.35 per unit, down 5.66 percent on the BSE.

Latest News  from Business News Desk