Decision on UCO capital rejig soon

The Government is likely to approve soon the capital restructuring plan for Kolkata-based UCO Bank to enable it to come out with a follow-on public issue of up to Rs 250 crore. Restructuring by converting a portion of equity share into preference shares would allow the bank further headroom for raising resources. The bank has a paid-up capital of Rs 799.3 crore as on September 30. As part of its capital restructuring proposal, the bank has asked for conversion of Rs 300 crore of its Rs 800 crore equity capital into preference capital.