UCO Bank rose 1.79% to Rs 34.20 at 11:31 IST on BSE after the bank said it has allotted 7.17 crore equity shares to Life Insurance Corporation of India at an issue price of Rs 37.74 per equity.
The announcement was made after market hours yesterday, 29 November 2016.Meanwhile, the S&P BSE Sensex was up 104.27 points or 0.4% at 26,498.28.
On the BSE, 63,000 shares were traded on the counter so far as against the average daily volumes of 2.22 lakh shares in the past one quarter. The stock had hit a high of Rs 34.30 and a low of Rs 33.85 so far during the day. The stock had hit a 52-week high of Rs 50.15 on 1 December 2015. The stock had hit a 52-week low of Rs 27.80 on 15 February 2016. The stock had outperformed the market over the past one month till 29 November 2016, declining 3.31% compared with the Sensex's 5.54% fall. The scrip had, however, underperformed the market in past one quarter, sliding 16.52% as against the Sensex's 5.41% fall.
The mid-cap bank has equity capital of Rs 1488.03 crore. Face value per share is Rs 10.
The shares issued to Life Insurance Corporation of India (LIC) will be under lock-in for a period of one year from the date of trading from the stock exchanges. LIC owned 11.88% stake in UCO Bank end September 2016.
UCO Bank reported net loss of Rs 384.83 crore in Q2 September 2016, compared with net profit of Rs 156.20 crore in Q2 September 2015. Total income declined 6.9% to Rs 4941.41 crore in Q2 September 2016 over Q2 September 2015.
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The Government of India held 77.54% stake in UCO Bank end September 2016.
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