UCO Bank issued 11.50 billion rupees worth of shares to the Indian government on a preferential basis.

The government subscribed to 307,158,119 equity shares of the bank at 37.44 rupees per share.

The shares have a lock-in period of three years, the bank said in a stock exchange filing.

As of Aug. 10, US$1 was equivalent to 64.08 Indian rupees.