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The state-run UCO Bank has plans for investing about Rs.45 crore in its proposed general insurance company. This information was let out by the spokesperson for UCO Bank on Friday.
"We will pick up a 30% stake in the general insurance venture, which will have a capital base of Rs.150 crore," the bank's chairman and managing director S.K. Goel said at a press conference.
Goel refused to name the other partners but said a foreign entity would pick up a 26% stake.
The bank also acquired shareholders' approval on Friday for a follow-on public offer (FPO) to raise Rs.136 crore.
"We are eyeing a price of not less than Rs.50 a share for our FPO, which will probably be launched during the September-December period," Goel said.
The FPO will bring down the government's stake in the bank to 52% from 64% currently.
The FPO will bring down the government's stake in the bank to 52% from 64% currently.
