UCO Bank approves raising Rs 4,243 crore Tier I capital

Bank also said the board has approved proposal for raising Tier II Capital to the tune of Rs 1,500 crore

State-run UCO Bank on Saturday said its board has approved a proposal for raising Rs 4,243 crore Tier I Capital through issue of bonds and equity shares.

"The Board of Directors of the bank at its meeting held on June 18, 2016, has approved the proposal for raising of Tier I Capital to the tune of Rs 4,243 crore through issue of AT-1 Bonds, issue of equity shares through FPO/Preferential Issue/ESOPs/QIP etc," the bank said in a BSE filing.

UCO Bank further said the board has also approved the proposal for raising Tier II Capital to the tune of Rs 1,500 crore through issue of Tier II Bonds during the financial years 2016-17 and 2017-18 depending upon the market conditions.