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UCO Bank proposes to issue shares to Life Insurance Corp. of India

UCOBank proposed to issue equity shares to on apreferential basis.

The bank said Oct. 4 that its board is considering issuing71,700,000 shares to the insurer as part of its plan toimprove its Tier I capital by issuing Additional Tier 1 bonds and equity shares.

As of Oct. 4, US$1 wasequivalent to 66.48 Indian rupees.