Indore, Aug 30: UCO Bank on Friday said its initial public offering (IPO) of twenty crore equity shares of Rs 10 each for cash at premium of Rs two per share will open for subscription on September 3. The IPO will take the bank's equity capital to Rs 799.36 crore and after the issue the government's holding in the bank would come down to 74.98 per cent, the bank's executive director B K Datta said.

The book value per share of the bank as on March 31, 2003 was Rs 15.18, while as compared to its issue price of Rs 12 per share, it represents a discount of 21 per cent on its book value, he said, adding the issue will remain open for subscription till September 10.
Referring to the bank's growth, Datta said that over the past three years the bank maintained a consistently high growth rate as its business increased to Rs 47,926.63 crores in 2002-03 from Rs 39,857.61 crores in 2001-02. Bureau Report