India’s UCO Bank seeks to raise $141 million via institutional placement

Indian lender UCO Bank is seeking to secure capital via share sales to employees as well as institutional backers.

UCO's shareholders approved its plan to secure 1,000 crore rupees ($141 million) through a qualified institutional placement (QIP).

The shareholders have also approved the proposal to issue up to 200 million equity shares of $0.14 each to its employees under Employee Stock Purchase Scheme.

UCO Bank will issue 146.8 billion equity shares to the government on a preferential basis at an issue price of $0.29 per equity shares including $0.14 face value for $432.1 million.