Kolkata: UCO Bank has raised Rs 300 crore from the market by way of private placement of unsecured redeemable non-convertible subordinated bonds. The issue, which opened for subscription on March 22 and was scheduled to close on March 30, was oversubscribed and closed yesterday.
The bonds, rated AA by CARE, have a tenor of 111 months bearing a coupon rate of 5.95 per cent payable annually. The bank has the option to retain oversubscription of Rs 50 crore.
The issue is to augment the bank's tier-II capital, strengthen its capital adequacy and enhance the long-term resources, according to a UCO Bank release