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UCO Bank informed that its board has approved the opening of the issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 36.07 per equity share.
The board of directors of the bank authorized and declared the opening of the issue on Monday, 24 March 2025.
The floor price of Rs 36.07 is at a discount of 5.67% to the scrip's previous closing price of Rs 38.24 on the BSE.
The bank may, at its discretion, offer a discount of not more than 5% on the floor price so calculated for the QIP.
UCO Bank is engaged in providing a wide range of banking and financial services, including retail banking, corporate banking, and treasury operations.
The bank's standalone net profit increased 27.04% to Rs 638.83 crore in Q3 FY25 as against Rs 502.83 crore posted in Q3 FY24. The bank's total income grew 15.48% to Rs 7,405.89 crore in the quarter ended 31 March 2024.
Shares of UCO Bank declined 4.03% to Rs 36.70 on the BSE.
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