UCO Bank to raise Rs 825 cr
State-run UCO Bank said that it would raise about Rs 825 crore from the market during the year to fund its business growth.
By PTI |
NEW DELHI: State-run UCO Bank on Tuesday said that it would raise about Rs 825 crore from the market during the year to fund its business growth.
"We are looking to raise Rs 325 crore through preferential non-convertible bonds during the second quarter of this fiscal and about Rs 500 crore from follow-on public offer in the third quarter," UCO Bank Chairman and Managing Director S K Goyal said.
The capital raised during the year will help the bank to register a growth of 25 per cent in advances in the next two year, he said.
Besides, the bank is also planning to increase short-term deposit rates by 50 basis points.
"We will take decision on increasing deposit rates in the next few days," he said.
"We are looking to raise Rs 325 crore through preferential non-convertible bonds during the second quarter of this fiscal and about Rs 500 crore from follow-on public offer in the third quarter," UCO Bank Chairman and Managing Director S K Goyal said.
The capital raised during the year will help the bank to register a growth of 25 per cent in advances in the next two year, he said.
Besides, the bank is also planning to increase short-term deposit rates by 50 basis points.
"We will take decision on increasing deposit rates in the next few days," he said.
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