02 Jan 08 UCO Bank IPO / FPO denied

UCO Bank IPO / FPO will not take place. UCO Bank clarified today that it never had any intentions of raising funds through a follow on public issue (FPO). A few weeks back moneycontrol carried a news item mentioning that UCO Bank has plans for an FPO through which it was planning to raise Rs. 450 crores. This news got republished in various leading web portals like livemint and others. With the BoD denying any plans of UCO Bank IPO, I’m suprised as to where moneycontrol got the information that UCO Bank FPO plans were awaiting the Cabinet nod.

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