Key Points of UCO Bank AT1 Bond Allocation:
- UCO Bank has issued unsecured, subordinated, perpetual, non-convertible fully paid up, taxable Basel III Compliant Additional Tier I Bonds in the nature of Debenture of Rs 500 crore.
- The bonds carry a 9.50% interest rate and will have a call option applicable on the fifth anniversary from the deemed date of allotment or anniversary date with prior approval of RBI subject to tax call.
- The bank allocated a total of 500 bonds and the bond will be listed on the WDM segment of NSE.
- This move is expected to provide a boost to the bank’s capital base.
- The UCO Bank is one of the oldest commercial banks in India, serving its customers since 1943.
Details of UCO Bank AT1 Bond Allocation:
UCO Bank Issues 9.50% Unsecured Basel III Compliant Bonds Worth Rs 500 Crore
UCO Bank has recently announced that it has allotted unsecured, subordinated, perpetual, non-convertible fully paid up, taxable Basel III Compliant Additional Tier I Bonds in the nature of Debenture of Rs 500 crore. The announcement was made through an exchange filing on March 17.
The bonds, which carry a 9.50% interest rate, will have a call option applicable on the fifth anniversary from the deemed date of allotment or anniversary date with prior approval of RBI subject to tax call. The bank allocated a total of 500 bonds and the bond will be listed on the WDM segment of NSE.
This move is expected to provide a boost to the bank’s capital base and improve its ability to lend to customers. The UCO Bank is one of the oldest commercial banks in India and has been serving the needs of its customers since 1943.
About UCO bank:
UCO Bank, previously known as United Commercial Bank, is a public sector bank that is owned by the Ministry of Finance, Government of India. Founded in Kolkata in 1943, it recorded a total business of ₹3.24 lakh crore in the fiscal year 2020-21. As per the 2020 rankings, the bank holds the 80th position on the Fortune India 500 list.
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