India New Issue-UCO Bank to issue perpetual bonds - bankers

UCO Bank

13/03/2023 13:18

MUMBAI, March 13 (Reuters) - India's UCO Bank   UCBK.NS 
plans to raise at least 1 billion rupees ($12.17 million)
through perpetual Basel III-compliant additional tier-I bonds,
three merchant bankers said on Monday.
    The state-run bank has invited bids from investors and
bankers for the bond issue on Thursday, they said. 
    The issue also has a greenshoe option to retain an
oversubscription of 4 billion rupees.
    The bonds are rated 'AA-' by Acuite Ratings and Infomerics
Ratings and have a call option after five years from the date of
allotment.
    Last week, Reuters reported that UCO Bank is planning to
raise up to 5 billion rupees through perpetual bonds.
    
($1 = 82.2020 Indian rupees)

 (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by
Sohini Goswami)
 ((Bhakti.Tambe@thomsonreuters.com; Reuters Messaging:
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