 "State-owned UCO Bank looks to raise up to Rs 500 crore")
State-owned UCO Bank on Saturday said its board will meet next week to consider raising up to Rs 500 crore as tier-II capital.
The board of directors will consider the proposal for raising tier-II capital of up to Rs 500 crore at its meeting scheduled to be held on June 23, 2021, the lender said in a regulatory filing.
Tier-II capital of a bank consists of undisclosed reserves, revaluation reserves, general provisions and loss reserves, hybrid capital instruments, subordinated debt and investment reserve account.
The loss absorption capacity of tier-II capital is lower than tier-I capital.
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