The Uco Bank stock closed at Rs 19.50, a 62.50 per cent premium on the Bombay Stock Exchange over the issue price of Rs 12. In percentage terms, this is the highest premium on listing of a bank stock in recent times.

The scrip was listed at Rs 17.40, at a 45 per cent premium to the issue price. The counter hit a high of Rs 20.40 and a low of Rs 17.25 in intra-day trades.

The stock listed at Rs 17.90 on the National Stock Exchange, a premium of 49 per cent, before closing at Rs 19.60, a premium of over 63.3 per cent. A total of 67.5 million shares were traded on the BSE and NSE, with 45.9 million shares traded on the NSE alone.

Last year, the Canara Bank scrip listed at a premium of 22.86 per cent, that of Union Bank of India at a 6.25 per cent premium and that of Allahabad Bank at a 20.50 per cent premium over their respective issue prices.

Uco Bank's debut on the bourses is historic as it has the distinction of having posted net losses for 11 years in a row before showing a meagre net profit of Rs 36 crore (Rs 360 million) in the year ended March 2000.

Over the last decade, it had accumulated losses of Rs 2,645 crore (Rs 26.45 billion). The government pumped in about Rs 2,500 crore (Rs 25 billion) to recapitalise the bank.

"We plan to achieve a Rs 1,00,000 crore (Rs 1,000 billion) business by 2007," Uco Bank Chairman V P Shetty said.