The government is likely to infuse Rs 700 crore in UCO Bank even as the bank plans to raise another Rs 700 crore through bonds from market by March this year.
The government will infuse capital in the bank by subscribing to non-convertible preferential shares. The bank is also aiming for a follow on public issue to raise around Rs 400 crore when the market sentiment improves. The Kolkata-based public sector bank expects around Rs 650 crore net profit in the current fiscal.
