UCO Bank looks to raise up to Rs 500 cr

| | New Delhi
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UCO Bank looks to raise up to Rs 500 cr

Sunday, 20 June 2021 | PTI | New Delhi

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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