UCO Bank to raise Rs 1,000 cr by issuing bonds to LIC

UCO Bank today announced its board has approved raising Rs 1,000 crore through issuance of tier 2 bonds to LIC.

"We inform that Board of Directors of our bank approved the proposal for issue of Tier 2 Bonds of face value of Rs l0 lakh each aggregating to Rs l,000 crore to LIC of India," UCO Bank said in a filing to BSE.

UCO Bank, an Indian public bank provides complete banking solution for personal banking, corporate banking, rural banking, SME banking and much more.