Kolkata-based UCO Bank has decided to raise Rs 625 crore by issuing perpetual non-cumulative preference shares (PNCPS) to enhance its tier-I capital. UCO, in which the government has a 74.98% stake, will raise Rs 300 crore through this route before the end of this month. Last August, the Reserve Bank of India had come up with the guideline for using new instruments like PNCPS to raise money from the market.

?There has already been some delay. Meanwhile, there has been some instability in the market. This has prompted the board of directors to go for the PNCPS route first,? said SK Goel, chairman and managing director of the bank.

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