Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  UCO Bank to raise Rs3,000 crore mainly from LIC
BackBack

UCO Bank to raise Rs3,000 crore mainly from LIC

UCO Bank's executive director Charan Singh says it will seek capital infusion from the union government and the LIC to support business growth

UCO Bank executive director Charan Singh. In the last fiscal, LIC had pumped in a little over Rs270 crore in UCO Bank by way of preferential allotment of equity shares. Photo: Indranil Bhoumik/MintPremium
UCO Bank executive director Charan Singh. In the last fiscal, LIC had pumped in a little over Rs270 crore in UCO Bank by way of preferential allotment of equity shares. Photo: Indranil Bhoumik/Mint

Kolkata: UCO Bank on Wednesday said it would look to raise up to Rs3,000 crore in the current financial year, largely from Life Insurance Corp. of India (LIC).

The Kolkata-based lender’s executive director Charan Singh said it will seek capital infusion from the union government and the state-owned insurer to support business growth.

The bank, which was asked to take prompt corrective action (PCA) by the Reserve Bank of India (RBI) last month, is likely to turn profitable in the next fiscal, Singh said addressing shareholders on Wednesday.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 28 Jun 2017, 05:05 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App