Pvt financing for UCO issue gains pace

 Banks, who came out with flexible and innovative financing package of the Maruti issue, were yet to announce finance schemes.

 All established financiers, formerly associated with badla financing, including a handful of former badla operators and tainted brokers of the March 2001 scam, were participants in the race to finance the UCO float.

 A private financier said no premium was charged for the UCO issue. The 24 per cent rate being quoted was at par with the average financing rate on the market. The rate might see upward revision towards the closure of the Rs 240 crore issue.

 Priced at Rs 12, the premium issue would allot 20 crore shares. Of this, 50 per cent was kept reserved for the retail investors including a 10 per cent reservation for employees. The issue would close on Wednesday.

 However, UCO employees