UCO Bank may raise Rs 1,000 crore from LIC via bonds

Shares of bank were trading 1.10 per cent up at Rs 36.65 on the BSE

Public sector lender UCO Bank on Wednesday said it is considering a proposal to raise Rs 1,000 crore from LIC via issuance of bonds.

"Board of our Bank is considering a proposal for issue of tier II bonds for inclusion in Tier II Capital of face value of Rs 10 lakhs each aggregating to Rs 1,000 crore to LIC of India," UCO Bank said in a BSE filing.

It further said: "We have this day placed above proposal before the Board by circulation."

Shares of UCO Bank were trading 1.10 per cent up at Rs 36.65 on the BSE.