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Blazing debut for Uco Bank shares

Calcutta, Oct. 9: Shares of Uco Bank listed on the bourses today at a hefty premium of 50 per cent to its issue price of Rs 12.

On the National Stock Exchange (NSE), Uco debuted at Rs 17.90. It went up to Rs 20.45, but closed a bit lower at Rs 19.60 63 per cent higher than its issue price. On the Bombay Stock Exchange (BSE), it scaled a high of Rs 20.40, but closed at Rs 19.50.

There was brisk trading in the stock on both the exchanges. On NSE, 4.59 crore shares changed hands, while on BSE, 2.16 crore shares were traded. The stock clocked a turnover of over Rs 132.5 crore on BSE and NSE combined.

Uco issued 20 crore shares. Ten per cent of the issue (or 2 crore shares) was reserved for its employees. Of the remaining 18 crore shares, 50 per cent was reserved for people applying for 50,000 shares or more.

The remaining 9 crore shares went to retail investors. Shares were issued to more than 6.3 lakh investors including institutions and 12,000 employees. The retail portion or applications for up to 50,000 shares was oversubscribed 12 times.

The wholesale portion or applications for more than 50,000 shares was oversubscribed 26 times. The investment bankers eliminated excess applications through lottery. The minimum allotment was 100 shares. Market observers say the rally in the Uco stock today was driven largely by retail buying.

Meanwhile, Uco chairman V. P. Shetty told PTI the bank would be appointing a consultant soon for computerisation.

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