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

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 13 (Reuters) - India's UCO Bank 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.rajendratambe.thomsonreuters.com@reuters.net Twiter: ))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.