Bangalore, Oct 03: Kolkata-based UCO Bank will refund nearly Rs 4,000 crore to applicants who had bid for the bank's IPO last month, bank chairman and managing director V P Shetty said today. "We will retain Rs 240 crore and the rest of the approximate Rs 4,200 crore which was collected, is being refunded," Shetty said here.
The state-owned bank's IPO for 20 crore equity shares of Rs 10 each at a premium of Rs two per share, aggregating to Rs 240 crore, was oversubscribed 17.5 times.
He said the issue was oversubscribed 12 times by retail investors and 26 times by institutional investors.

"The allotment was made through a lottery and all the applicants may have not got the shares," Shetty said.
The issue opened for subscription on September 03 and closed on September 10. The bank's scrip is to be listed on the stock exchanges on October 09 following completion of allotment of shares. Bureau Report