UTI Bank raises US $ 1.050 Billion

UTI Bank has successfully priced its offering of 14.13 million GDRs, aggregating US $ 218.07 million. Each GDR, representing one underlying share, was priced at US $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 20 July 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 crore.

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 crore.