Oct. 3 (PTI): Calcutta-based Uco Bank will refund around Rs 4,200 crore to applicants who had bid for the bank’s IPO last month, said chairman and managing director V. P. Shetty. “We will retain Rs 240 crore and the rest of the approximate Rs 4,200 crore, which was collected, is being refunded.”
Uco Bank’s IPO for 20 crore equity shares of Rs 10 each at a premium of Rs 2 per share, aggregating to Rs 240 crore, was oversubscribed 17.5 times.
“The allotment was made through a lottery and all the applicants may have not got the shares,” Shetty said.
The issue opened for subscription on September 3 and closed on September 10. The bank’s scrip is to be listed on the stock exchanges on October 9.
Shetty said the bank’s growth and profit during the first half of the fiscal would be better than last year, but declined to comment on specific numbers. With the IPO, the bank’s equity capital would go up to Rs 799.36 crore and government holding would reduce to 74.98 per cent. Uco Bank planned to increase its network to 150 by March 2004.
Yes Bank IPO
Yes Bank is expected to start operations by January and is planning an IPO by April 2004 to shore up its capital base of Rs 200 crore. “We are going through the final stages of financial closure. The banking operations are likely to start by January 2004,” said Rabo India Finance CEO Rana Kapoor, one of the promoters.