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Tuesday, Jan 18, 2005

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UTI Bank plans GDR listing in March

Our Bureau

Mumbai , Jan. 17

UTI Bank plans to go in for a global depository receipts (GDR) listing of 4.65 crore shares on the London Stock Exchange by March.

Its board of directors on Monday approved the proposal to raise further tier-I capital, in one or more tranches, by way of a GDR.

"Going by the current trends we may be able to raise around $200-250 million," said the Chairman and Managing Director, UTI Bank, Dr P.J. Nayak.

The funds will not only expand the bank's capital base but also boost business growth for it to meet the Basel-II requirements, bank officials said.

Post-issue, the holding of UTI-I in the bank is likely to come down to 27 per cent from 33 per cent. There will be a corresponding reduction in the stakes of the other shareholders.

Other key investors in the bank include HSBC Asia Pacific Holdings-UK Ltd, which holds 14.6 per cent stake in the bank, and Life Insurance Corporation of India (13.04 per cent).

The bank plans to convene an EGM of its shareholders on February 18.

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