UTI Bank Ltd issues Foreign Currency Hybrid Capital in international market

Uti Bank Ltd. has announced a press release dated August 04, 2006, titled "UTI Bank becomes the first Indian Bank to successfully issue Foreign Currency Hybrid Capital in the International Market". The Bank has now informed the exchange that in respect of raising at USD 150 million of 15- year subordinated Upper Tier II Bonds in the International market, the Board of Directors of the Bank have passed a resolution on August 08, 2006 approving allotment of Bonds/ Notes having a nominal value of USD 100,000 each and thereafter in integral multiples of USD 1000, aggregating to a sum of USD 15,00,00,000 to various international subscribers as the Bank´s Upper Tier II Bonds. The allotment or the settlement date of the Bonds/ Notes will be August 11, 2006 and the maturity date will be August 12, 2021. These Bonds/ Notes were issued at coupon rate of 7.25% and will be listed on the Singapore Exchange w.e.f August 11, 2006.

Source : Equity Bulls

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