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UTI Bank hires Citi, Goldman for $600 mn GDR

UTI Bank hires Citi, Goldman for $600 mn GDR
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First Published: Fri, Jun 22 2007. 12 41 PM IST
Updated: Fri, Jun 22 2007. 12 41 PM IST
Reuters
Hong Kong: UTI Bank Ltd has hired Citigroup and Goldman Sachs to handle its $600 million global depository receipt sale at the end of June, a person familiar with the matter said on Friday, 22 June.
UTI Bank, which on 1 June said it would issue up to 42.4 million new shares, will be selling up to 13% of its enlarged share capital, the source said.
Analysts say the funds from the offering will be used to meet capital requirements, as UTI Bank and most lenders in India are facing huge loan demand.
UTI Bank shares have risen nearly 31% this year, outperforming a 5% increase in India’s benchmark index.
Indian lenders have some of Asia’s biggest fund-raising plans this year, with top private bank ICICI Bank selling up to $4.9 billion worth of shares and smaller rival HDFC Bank planning a $1 billion offering.
Two teams of bankers will pitch UTI Bank’s deal to investors in the United States, Asia and Europe, with books opening on 26 June and pricing expected for 29 June, the source said.
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First Published: Fri, Jun 22 2007. 12 41 PM IST
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