UTI Bank successfully raises US$ 1050 million

UTI Bank Ltd has announced that it has successfully priced its offering of 14.13 million GDRs, aggregating USD 218.07 million. Each GDR, representing one underlying share, was priced at USD 15.43 and will be listed on the London Stock Exchange. This represents a discount of 1.7% to the closing price of the Bank's GDR on July 20, 2007.

In addition, the Bank has determined the Issue Price of the equity shares to be offered in the proposed Qualified Institutional Placement (QIP) to be Rs 620 per share. The size of the QIP will be Rs 1,752 crores.

Further, the Bank proposes to allot, on a preferential basis, 2,56,21,076 shares to its promoters at Rs 620 per share aggregating to Rs 1,588 crores.

The date of settlement for all 3 offerings will be July 27, 2007. Citi and Goldman Sachs acted as the Joint Bookrunners for the GDR and QIP offering.

The stock was trading at Rs.634.85, down by Rs.14.35 or 2.21%. The stock hit an intraday high of Rs.650 and low of Rs.633. The total traded quantity was 20076 compared to 2 week average of 69549.

Source : Equity Bulls

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