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India's UCO Bank to raise additional capital via equity, debt sales

India-based UCO Bank plans to raise up to 10 billion rupees of equity capital through a qualified institutional placement.

The bank said Jan. 17 that its board of directors approved the plan the same day. The board also approved plans for the bank to raise 5 billion rupees by issuing Tier 2 bonds, issue equity shares, on a preferential basis, to India's government against a capital infusion of 30.76 billion rupees and issue 200 million equity shares under the bank's employee stock purchase scheme.

As of Jan. 17, US$1 was equivalent to 71.11 Indian rupees.