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UTI Bank raises over 1 bn dlr

UTI Bank raises over 1 bn dlr
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First Published: Mon, Jul 23 2007. 02 26 PM IST
Updated: Mon, Jul 23 2007. 02 26 PM IST
Mumbai: Private sector lender UTI Bank today said it has raised $1.05 billion (Rs 4,233 crore) through allotment of Global Depository Receipts (GDRs), issue of preferential shares and private placement route to meet its capital requirement and credit demand.
The bank has raised $218.07 million through the issue of 14.13 million GDRs at $15.43 each representing a discount of 1.7% to the closing price of the Bank’s GDR on 20 July.
The GDRs would be listed on the London Stock Exchange.
Besides, the bank has raised Rs 1,752 crore through the issue of equity shares at Rs 620 each to Qualified Institutional investors.
Further, the private sector lender would allot 2.56 crore shares on preferential basis, to its promoters at Rs 620 per share aggregating to Rs 1,588 crores on July 27 -- the date of settlement for all the three offerings.
Citi and Goldman Sachs acted as the joint bookrunners for the GDR and QIP offering.
Shares of UTI Bank were trading at Rs 635.95, down 2.04% on BSE in afternoon trade.
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First Published: Mon, Jul 23 2007. 02 26 PM IST