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UCO Bank to raise Rs825 cr via FPO, bonds

UCO Bank to raise Rs825 cr via FPO, bonds
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First Published: Tue, Jul 08 2008. 03 12 PM IST
Updated: Tue, Jul 08 2008. 03 12 PM IST
PTI
New Delhi: State-run UCO Bank plans to raise about Rs825 crore from the market during the year to fund its business growth.
“We are looking to raise Rs325 crore through preferential non-convertible bonds during the second quarter of this fiscal and about Rs500 crore from follow-on public offer in the third quarter,” UCO Bank CMD S K Goyal told PTI.
“The capital raised during the year will help the bank to register a growth of 25% in advances in the next two years,” he said.
Besides, the bank is also planning to increase short-term deposit rates by 50 basis points. “We will take decision on increasing deposit rates in the next few days,” he added.
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First Published: Tue, Jul 08 2008. 03 12 PM IST
More Topics: UCO Bank | FPO | Bonds | Interest Rate | Corporate News |