UCO Bank gets board nod for Rs 3,000-cr equity capital raise in FY22

State-owned UCO Bank on Thursday said its board has approved raising Rs 3,000 crore equity capital for the current fiscal year.

"The board of directors of the bank, this day May 27, 2021, approved the proposal for raising of equity capital aggregating to Rs 3,000 crore during the financial year 2021-22," UCO Bank said in a regulatory filing.

The fundraise can take place through various modes, such as follow on public offer (FPO), qualified institutional placement (QIP) and preferential issue, subject to necessary approvals from shareholders, government, RBI and Sebi, it added.

The Kolkata-headquartered lender said the capital raise plan will be placed before the shareholders for their approval in its ensuing annual general meeting.

The bank also reported a multi-fold jump in March quarter net profit at Rs 80 crore.

For the full year 2020-21, bank reported a net profit of Rs 167.04 crore. There was a net loss of Rs 2,436.83 crore in 2019-20.

Stock of UCO Bank closed 1.39 per cent up at Rs 13.15 apiece on BSE.