DK Business Network
Public sector lender UCO Bank has raised ₹2,000 crore through a Qualified Institutional Placement (QIP).
The QIP involved 58.36 crore shares issued at ₹34.27 each, with a 6.5% discount on the last closing price. The capital raise seeks to reduce the government’s stake from 95.39% by around 3%, aligning with SEBI’s minimum public shareholding norms.
Legal advisory on the QIP was led by Luthra and Luthra Law Offices India, representing UCO Bank. The advising team included Partner Akshit Kapoor and Managing Associate Kshitij Asthana, assisted by Associates Deekhit Bhattacharya, Ashwin Singh, Naman Dubey, Sadev Pradhan, and Kashish Khattar.
Dentons Link Legal advised the book running lead managers for the QIP. The firm’s team was spearheaded by Partner Milind Jha and Associate Partner Shailender Sharma, with support from Associates Kunal Mehta, Dewang Khandelwal, Atrayei Ghosh, Madhuri Pilania, and Anmay Agarwal.
The QIP was launched on March 24, 2025, and successfully closed on March 27, 2025. The shares were issued at a 6.5% discount compared to the stock’s last traded price.
This fundraise forms part of UCO Bank’s ongoing efforts to bolster its capital adequacy and enhance operational resilience in line with regulatory requirements.
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