This multibagger banking stock rallied more than 180 per cent in just 6 months!

They are considering the proposal of raising tier I capital in the form of additional tier I bonds in one or more tranches aggregating to Rs 1000 crore from the market.

UCO Bank provides a wide range of banking and financial services including retail banking, corporate banking and treasury operations. As on March 31, 2021, government share-holding in the bank was 94.44 per cent. During FY 2020–21, its total business was Rs 3.24 lakh crore. Based on 2020 data, it is ranked 80 on the Fortune India 500 list.   

On December 29, 2022, the bank announced that it has become one of the stakeholders of PSB Alliance Private Limited on January 28, 2022. UCO bank will further acquire additional 100 shares in the company for a total cash consideration of Rs 1.14 crore. PSB Alliance is an umbrella setup of all public sector banks, jointly offering important customer-oriented services envisaged by the Government of India under the EASE of banking reforms. Post this, the bank’s investment in this company will be 8.33 per cent.  

The bank had also, on December 28, 2022, announced that they are considering the proposal of raising tier I capital in the form of additional tier I bonds in one or more tranches aggregating to Rs 1000 crore from the market. The board is scheduled to meet on January 03 2023, to decide about the fundraising proposal.   

The shares of the company have given multibagger returns as they have rallied more than 181 per cent in just 6 months and more than 139 per cent in just 1 year. Keep a close eye on this multibagger banking stock.