New Delhi, Jan 17 (PTI) State-owned UCO Bank Thursday said it has got board approval for raising Rs 1,000 crore through sale of shares on private placement basis to fund business growth.Also Read - UCO Bank Releases SO Admit Card 2020 at ucobank.com, Exam On 09 January 2021: Check How To Download

The board of the bank, in its meeting held on Thursday, also approved raising Rs 500 crore from tier-II bonds. Also Read - Liquidity in Economy is Not a Problem, Says UCO Bank Chief

The equity capital of Rs 1,000 crore would be raised through Qualified Institutions Placement (QIP), UCO Bank said in a regulatory filing. However, it did not specify the timeline. Also Read - PSU Firms, Banks Taking All Precautions to Ward Off COVID-19: Officials

The board also cleared a proposal to raise capital through issue of up to 20 crore shares under Employee Stock Purchase Scheme (ESPS), the filing said.

Shares of the bank closed at Rs 20.80 per unit, up 0.73 per cent, on the BSE.

At the current market price, the bank would raise about Rs 400 crore through ESPS.

This is published unedited from the PTI feed.