State-owned UCO Bank today said it plans to come out with a follow-on public offer in July to raise around Rs 500 crore.
"We are planning to raise Rs 500 crore through a FPO in July," UCO Bank Chairman and Managing Director S K Goel said on the sidelines of a bankers' meeting here.
The money raised through the public offer will help the bank increase its business.
On June 12, the government of India approved the infusion of Rs 375 crore into UCO Bank, along with four other public sector banks, in a move intended to bolster lending to various sectors of the economy. A week before, on June 6, the government had infused Rs 300 crore into UCO Bank.
UCO Bank's board of directors, in its meeting on January 30, decided to issue six crore equity shares with a face value of Rs 10 each at a suitable premium for raising funds through a public offer.