UCO Bank approves raising Rs 3,000 cr in FY21, awaits shareholders nod

UCO Bank on Thursday said that its Board of Directors has approved the raising of Rs 3,000 crore through various modes, including Follow On Public Offer (FPO), and Qualified Institutional Placement (QIP), in the financial year 2020-21.

In a regulatory filing, the bank said that it will now seek shareholders' approval in its annual general meeting on August 7.

"The Board of Directors of the bank, this day, i.e.. 23th July, 2020, approved the proposal by circulation for raising of equity capital aggregating to Rs 3000 crore during the financial year 2020-21 through various modes such as Follow On Public Offer (FPO), Qualified Institutional Placement (QIP), Preferential Issue etc. subject to necessary approvals from shareholders, Govt. of India, RBI and SEBI," it said.

Several banks, both private and public, are looking at raising funds of late.