India New Issue-UCO Bank likely to issue perpetual bonds next week - bankers

UCO Bank

06/03/2023 05:23

By Bhakti Tambe
    MUMBAI, March 6 (Reuters) - India's UCO Bank  UCBK.NS  plans
to raise up to 5 billion rupees ($61.13 million) through
perpetual Basel III-compliant additional tier-I bonds, three
merchant bankers said on Monday. 
    The state-run bank is likely to invite bids from investors
and bankers by next week, they said. The bank did not
immediately respond to a Reuters request for comment.
    The bonds are rated 'AA-' by Acuite Ratings and will also
have a call option after five years from the date of allotment. 
   UCO Bank is yet to make an official announcement of the
planned bond sale on the electronic bidding platforms.

    ($1 = 81.7900 Indian rupees)

 (Reporting by Bhakti Tambe; Editing by Sherry Jacob-Phillips)
 ((Bhakti.tambe@tr.com))