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Our Bureau

Mumbai , June 29

UTI Bank today said it would raise Rs 138.4 crore Tier-II capital through unsecured non-convertible redeemable debentures of Rs 1 lakh each.

The debentures are issued for 87-120 months and will be issued to investors on a private placement basis, the bank said in a notice to the Bombay Stock Exchange. This includes a greenshoe option of Rs 38.4 crore.

The bank is raising funds to shore up its Tier-II capital for overall growth, including overseas operations, said a senior official from UTI Bank.

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