UCO Bank: The bank has launched QIP, know the full details including floor price

Public sector bank UCO Bank Ltd has launched a qualified institutional placement (QIP) of Rs 2,000 crore. According to sources, the bank has set a price of Rs 34.27 per share for the QIP, which is at a discount of 9.19 percent from the closing price of Rs 37.74 on March 21 on the NSE. Sources told CNBC-TV18 that this issue price is based on a 5 percent discount on the floor price of Rs 36.07 per share set by SEBI.

What is QIP : Companies use QIP to raise funds from the domestic market. QIP does not require approval from the market regulator i.e. SEBI. For QIP, the company decides the share price as per the rules. The price of QIP cannot be less than the average price of the share for 2 weeks.
 

In the third quarter, UCO Bank has registered a 27 percent increase in profit as compared to the same quarter last year. The bank registered a profit of Rs 639 crore in the quarter under review, while it was Rs 502 crore in the third quarter of FY 2024. Stock performance: UCO Bank's stock closed at Rs 37.79 with a gain of 1.89 per cent on Friday. The bank's stock has seen a decline of 25.61 per cent in the last one year.

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