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Tuesday, March 02, 2010

UCO Bank FPO likely by April end or early May: CMD

State-run UCO Bank's follow-on public issue of 60 million equity shares will hit market by April end or early May, its chairman and managing director said on Tuesday.

"We had our EGM (extra-ordinary general meeting) today, where we got the shareholders approval for the FPO," SK Goel told reporters.

"We are in the process of finalising the merchant bankers," he said.

The board, in its meeting on January 30, had decided to issue 60 million equity shares with a face value of Rs 10 each at a suitable premium for raising funds.

The bank has government's approval for a follow-on public offer.

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