UTI Bank to borrow upto Rs.970 crores

UTI Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on February 20, 2007 has approved borrowing an amount of upto Rs 970 crores in one or more tranches, by issuance of Upper Tier II Debentures and / or Subordinated Tier II Debentures, subject to the proviso that the latter would not exceed Rs 303 crores. These Debentures will be issued on terms and conditions to be approved by the Chairman and Managing Director and subject to guidelines issued by SEBI, RBI and any other Regulatory Authority.

The above instruments will be listed at NSE/BSE.

Source : Equity Bulls

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