"UCO Bank (BSE:532505) announced a private placement of 1,261,101,243 equity shares at a price of INR 16.89 per share for gross proceeds of INR 21,299,999,994.27 on September 27, 2019. The transaction will include participation from existing investor India on preferential basis. The transaction has been approved by Government of India vide its letter F.No. 7/23/2019- BOA-I (Pt). The company will issue shares at a premium of INR 6.89 per share to face value of INR 10 per share. The investor will hold 93.61% stake from its previous stake of 92.52% in the company. The shares issued are subject to lock-up period of 3 years from the date of trading approval. The transaction is approved by board of directors in a meeting held on October 3, 2019 and subject to approval of shareholders in a extra ordinary general meeting to be held on November 6, 2019.