UCO Bank gains on inking pact to acquire 3% stake in IDRCL
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UCO Bank is currently trading at Rs. 11.92, up by 0.02 points or 0.17% from its previous closing of Rs. 11.90 on the BSE.
The scrip opened at Rs. 11.90 and has touched a high and low of Rs. 12.03 and Rs. 11.82 respectively. So far 265179 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 15.85 on 30-Jun-2021 and a 52 week low of Rs. 10.60 on 19-Apr-2021.
Last one week high and low of the scrip stood at Rs. 12.14 and Rs. 11.35 respectively. The current market cap of the company is Rs. 14203.68 crore.
The promoters holding in the company stood at 95.39%, while Institutions and Non-Institutions held 1.35% and 3.26% respectively.
UCO Bank has entered into an agreement to acquire 3 per cent stake in India Debt Resolution Company (IDRCL). The acquisition will be for a cash consideration of Rs 1.50 crore. The bank's holding in the company will be 3 per cent, therefore no approval is required. The acquisition will be completed within 10 working days from the date of agreement that is March 09, 2022.
IDRCL is a public sector asset rehabilitation agency where the stressed assets of the public sector undertaking can be transferred. PSUs can transfer the stressed assets to the agency, hence cleaning up their books. The intent of setting up of such an agency is to speed up the resolution process and maximising recoveries.
UCO Bank is a commercial bank and a Government of India Undertaking. The Bank offers wide range of services includes Personal Banking, Corporate Banking, International Banking, Rural Banking and other services.
