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UCO Bank to raise 10B rupees in debt issue

UCO Bank plans to raise 10 billion Indian rupees via an issuance of Basel III-compliant Tier 2 bonds.

The bonds will be issued to Life Insurance Corp. of India in the nature of debentures on a private placement basis, the bank said March 29.

As of March 29, US$1 was equivalent to 64.88 Indian rupees.