UCO Bank to raise Rs 825 cr via FPO, bonds

"We are looking to raise Rs 325 crore through preferential non-convertible bonds during the second quarter of this fiscal and about Rs 500 crore from follow-on public offer in the third quarter," UCO Bank Chairman and Managing Director S K Goyal told PTI.     

The capital raised during the year will help the bank to register a growth of 25 per cent in advances in the next two year, 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 said.