UCO Bank has got board’s approval for raising Rs 1,000 crore through sale of shares on private placement basis to fund business growth. The board of the bank also approved raising Rs 500 crore from tier-II bonds.
The equity capital of Rs 1,000 crore would be raised through Qualified Institutions Placement (QIP). The board also cleared a proposal to raise capital through issue of up to Rs 20 crore shares under Employee Stock Purchase Scheme (ESPS).
UCO Bank is a commercial bank and a Government of India Undertaking. The Bank offers wide range of services includes Personal Banking, Corporate Banking, International Banking, Rural Banking and other services.
